CHAPTER VII: GLOBALIZATION AND INDIAN MONOPOLY CAPITALISM

This final chapter deals with the causes and the consequences of the increased integration into the international structure of capitalism that began in the 1990s. Drawing on what has been discussed in the previous chapters, Part VII.l of this chapter argues that ·the eventmil emergence of a tendency for such increased integration was inherent in the logic of post-independence capitalist development that was also a part of a process of transformation in world capitalism. The continuity and change in the context of Indian capitalism through four decades of that development meant that the very same autonomous interests of Indian capitalism that had made for the adoption of the post-independence development strategy became eventually a force behind the abandonment of its relative autonomy. The transformation in the characteristics of monopoly capital in India was a reflection of this and the basis also for its self-appreciation of the emergence of new imperatives.

Increased integration of Indian capitalism however has been taking place in a background, and is a reflection, of world capitalism having entered a new phase in its history, that of globalization. Part VII.2 of the chapter briefly discusses the nature of globalization, the strong recessionary and stagnationist tendencies that characterize it, and its consequences for Third World capitalisms. In that we argue that while Third World capitals and capitalisms do have a space, though an unequal one, in globalization's system of profit and in the international accumulation process, globalization also sharply reinforces inequalities within the Third World.

Part VII.3 then discusses specifically the position of Indian capitalism in this background. Into the globalization process Indian capitalism carried the strengths and weaknesses that it had acquired or maintained through its past development which shaped the terms of its integration. We argue that it created a situation that meant that the spontaneous tendencies of globalization restrict India's position in the emerging international division of labour to a peripheral position in manufacturing activities. The best possible outcome that can be expected is where an import and technologically dependent Indian manufacturing is the main supplier to the Indian domestic market and a supplementary producer of a limited range of products for the international marketf;,Ji3u.t··globalization has also meant the .reinforcing of the market constraint of Indian capitalism so that it faces a serious crisis of accumulation, despite the fact that in services it may have a relatively more important space in the international division of labour. We shall also demonstrate that while Indian capitalism may not have collapsed post-liberalization and in many senses may have still progressed, the manifestations of this crisis have already have become visible, though the current phase has by no means run its full course.

Finally, in Part VII.4 are examined the specific developments in the private corporate sector subsequent to liberalization .. We shall argue and seek to demonstrate, that the context of globalization has generated strong tendencies towards greater monopolization and oligopolization and penetration of foreign capital that has resulted

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in increased leverage of private corporate capital, and a privileged minority within it, over the State.

VII.l. MONOPOLY CAPITAL AND THE ORIGINS OF INDIAN LIBERALIZATION

Capitalist industrialization in India after independence, as pointed out earlier, was one of the specific cases of the larger process of diffusion of industrialization to the Third World that took place in the second half of the twentieth century. In the Indian case, the level of such industrialization and its transformative impact did not match that of some of its counterparts. Nevertheless, Indian capitalism did experience an advance through that industrialization which not only expanded the scale of industrial output but also brought about, like in all Third World industrializers, a significant diversification in its structure over time. Indeed, given that Indian industrialization was based on a narrow domestic market, diversification in fact was crucial to the long run expansion of industrial output. With such diversification also increased the technological sophistication levels oflndian industry.

' One of the key features of Indian industrialization was its consistent dependence on the diffusion of technology from abroad. The new products, industries and processes that appeared in the Indian industrial sector had their origins in the international process of technological development and change. While the ability of Indian capitalism to handle and operate sophisticated technologies was thus enhanced, it did not acquire the capacity to itself generate significant technological development. Thus while the maintenance of relative autonomy had limited the penetration of foreign capital's direct presence in India, industrial growth and diversification also increased the foreign technological penetration of Indian capitalism.

But an industrialization process based on a successive diffusion of industries from abroad meant that the industrial structure had an inherent tendency towards convergence with that at the international level. Each diversification closed the gap between the structure of industries at the international level and that in India. This had to mean that eventually the process of industrial expansion in India had to mirror that of the international process of accumulation or constitute a niche within it. In either case, constant technological change on a generalized basis, at the same pace at which it :;took""place at the international level;· had to become a necessity for sustaining industrial expansion in the absence of any rapid widening of the domestic market. Indian capitalism's development had to become more crucially dependent on it being able to access the more recent technological developments, and access them recurrently. This meant that it was in the very character of Indian industrialization that, rather than endowing it with self-sufficiency, it in fact enhanced the degree of its technological dependence, making an increased integration with international capitalism a necessity for Indian capitalism's development.

This was the qualitative transformation in its context that Indian capitalism experienced as a result of its advance from independence to the end of the 1980s, a

transformation that was also reflected in the changes in Indian monopoly capital

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which moved further and further away from its roots. If initially monopoly capital was concentrated in a few traditional industries, by 1990 it had come to be spread in a wider and different set of industries. If the concentration of many in a few industries was its original character, by the end of the 1980s it had become the concentration of some in many industries. If relatively simple technologies had been its past, more complex technologies dominated its present. If originally, finance was highly scarce and largely privately raised, by 1990 a fmancial sector capable of providing substantial financial resources had emerged. If earlier monopoly capital had operated in industries with some kind of a domestic mass market characterized by low incomes and export markets, by 1990 it overwhelmingly focused on a narrow domestic market with much higher incomes.

The transformation that Indian capitalism had experienced by the end of the 1980s had a dual character. At one level it marked the coming of age of Indian monopoly capital as it acquired capabilities that it did not possess at independence. Collectively, Indian monopoly capital had through the process of industrialization since independence "caught up" with its international counterpart in terms of the industries it operated in, the kind of technologies it handled, the demand pattern it responded to, and the scale of investments it could undertake. These also altered the accompanying structure of monopoly power marked by the closer relationship between monopoly capital and oligopolistic dominance.

But at another level, this coming of age of was also limited to that which had been possible within the historical confines of Indian capitalism, and thus increased the critical minimum dependence on diffusion of technology. This set the stage for the surrender of the relative autonomy of Indian capitalism that had been the basis for that advance. As long as expansion through diversification in a protected market was possible, diffusion of technology and its corresponding requirements of imports and foreign capital penetration was required in relatively limited doses and could be regulated by the State. But a degree of generalized opening up was the precondition for Indian capital to recurrently harness the advances in technology. This then created an impetus in Indian capitalism for an increased integration with international capitalism that was based on its autonomous interests.

The emergence of this impetus did nqt signify any fundamental change in the dual character of Indian monopoly capital with regard to its relationship with international monopoly capital. The heightened competition that greater integration inevitably meant was a logical corollary of the need for increased collaboration, and the former only reinforced the latter. The threat posed by increased competition did not act as a major inhibiting factor towards greater integration. Not only had Indian capital within limits acquired some capacity to compete as a result of its development, the exposure to greater international competition only strengthened the tendency towards liberalization by creating an additiona1 need, that of withstanding that competition, for greater 'freedom' being accorded to Indian capital to pursue its strategic imperatives. Thus much of the edifice of State regulation that had been constructed since

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independence became an anachronism as a result of the very development that it had made possible.

Indian capital's own need for increased integration, and the increased competition that was a corollary of that integration, thus made liberalization of economic policy also its own agenda and not merely a result of external pressures that were no doubt also present. What was ·a class necessity would also have been felt as an individual necessity by oligopolistic monopoly enterprises as the necessary basis for the reproduction of their dominance and therefore provided the basis for the self­appreciation by the class of that need. This self-appreciation ensured that there was no major resistance from any segment of Indian monopoly capital to liberalization and contributed to giving the process durability1

•

This is not to deny the role of external pressures. In adopting from 1991 the new economic policy paradigm, the Indian State followed what had by then become an international trend. In the decade preceding it, India had also experienced like many developing countries before it the increased inflows of capital from non-official sources, primarily in the form of debt. Like so many of these countries had to after the 1982 crisis, the 1991 foreign exchange crisis compelled India to take recourse to an IMF bail-out package with its attendant conditionalities. By the 1990s, the ascendancy of 'globalized finance' and 'neo-liberal ideology' had also attained great heights. The countervailing force of the socialist camp had also disappeared with the disintegration of socialism in the USSR and Eastern Europe. The pressures on Third World states to fall in line with the demands of international capitalism was thus that much greater.

But Indian liberalization did not happen despite opposition from Indian capital and that is what needs to be also explained. In any case there is probably no ground for counterposing and separating the external and · internal impetuses towards liberalization when we are talking of historical tendencies in the context of a capitalist world economy. Even the relatively autonomous capitalist development in India before 1991 was not driven by purely 'internal' factors. Rather it was the process through which international capitalism came to cast Indian capitalism in its own image, creating thereby the conditions for its increased integration within the international structure. The eventual emergence of a tendency towards the latter was in-built into ,~b~"..,~~--course of independent capitalist . .development in India, and its creation can therefore be seen to be the historical function of that independent development. The transition to liberalization thus implied that the relative autonomy of Indian capitalism had served its historical function. In doing so, it demonstrated both the limits of such independent capitalist development in an underdeveloped context like India's, as well as the tendencies inherent in global capitalism in its monopoly stage.

1 But too much significance should in any case not be attached to the fact that there were always potentially adverse effects of liberalization on at least some individual monopoly enterprises. The decline of individual enterprises from time to time, and the rise of others, as we have seen had always been an integral feature of the development of Indian capitalism. The period of liberalization has been no different.

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VII.2. GLOBALIZATION AND ITS TENDENCIES

The contradictions of the new stage of Indian capitalism can only be fully appreciated by locating it within the worldwide context of globalization and the tendencies within it. Globalization has not only altered the nature of the mutual interaction of the dynamics of every economy and the international economy, it has bound them more closely together as the universe for a dynamic that has the world economy as a whole as its arena.

Two features of globalization that are particularly prominent in the literature are relevant to understanding the impact of globalization on Indian capitalism. The first of these, considered by many to be contemporary globalization's most important defining feature, is the 'globalization of finance' and the decisive shift in the balance of power within international capital in favour of financial capital or a new kind of finance capital. The 'triumph of finance' has been accompanied by the emergence of strong deflationary and stagnationist tendencies in the world economy, in relation to which the rise of finance has been seen as both a cause and an effece. The second is the delinking of the national location of production from that of its market and the emergence of international production networks, as a result of the lowering of barriers to commodity and capital flows3

.

Globalization involves a process of reorganization of the world economy and the creation of a new global system of profit. With an overall stagnationist tendency in the world economy providing the backdrop, it has aggravated the tendency towards uneven development that is inherent in capitalism. Both uneven development between countries, and that within countries, should be expected to be the result of the greater scope for the geographical concentration of production and the establishment of linkages across countries. This uneven development is most likely in the case of manufacturing. In comparison to both agricultural production as well as services, manufacturing is more amenable to geographical concentration and manufactured products also possess the feature of being tradable. While the scope for tradability of services has increased, it is still much lower order than in the case of manufacturing.

The uneven development under globalization would of course be overlaid on existing iniquities. This would in fact be even more so because the constraints imposed on

'''1r'-states by global finance has eflminated one major potential countervailing force to such uneven development. It is in this background that one must look at the implications of globalization for the Third World and Third World capitalisms.

VII.2.1 Globalization and the Third World

One of the established iniquities ofthe capitalist world economy is the divide between the advanced countries and the Third World. No matter what may have happened before and during the period of globalization, the balance of power - · economic, political, military, technological - has remained decisively in favour of the former. Not only that, that balance.ofpower in many ways has become a more decisive factor

2 Sweezy ( 1999/1994), Patnaik, P. (2000), Bello, Malhotra, Bullard and Mezzera (2000) 3 UNCTAD (2002), Evans ( 1998)

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with the disappearance of relatively autonomous spaces within the capitalist world economy.

This historical backdrop to the process of globalization, that of an unequal world, inevitably had to mean that it has an inherent bias against the Third world, and no conspiracy theory is required for substantiation of this proposition. In particular, the globalization of finance has served to constrain the degree of freedom of Third World states to a greater extent4

• It is not surprising therefore that most of the major victims of the increased volatility in the international financial system have been in Third World, including even some of the most advanced ones amongst them. Yet, this unequal position does not appear to be expressing itself in the form of the Third World as a whole being shut out of non-primary production and serving mainly as a market for such production, as had happened in the period of classical comparative advantage.

In both manufacturing activity as well as in services, the historical legacy of capitalism's history prior to the current phase of globalization was that their production was heavily concentrated in the advanced capitalist countries. During the period of globalization, this has not changed significantly when one looks at value­added distribution. But the Third World share in world GDP, and manufacturing and services value added has in fact increased though mainly at the expense of the erstwhile socialist countries rather than the advanced capitalist economies. The same is true in the case of exports of manufactures. Further, even though the significance of trade within them has increased, the major part of their exports of manufactures continues to be directed towards advanced country markets5

•

Table 7.1: Distribution of World Manufacturing Value Added (Percentage Shares)

Regions 1980 1990 2001 World 100 100 100 Developing countries 13.7 14.4 23.7 Countries in Central and Eastern Europe 19.3 8.9 2.7 Developed countries 67 76.7 73.6

Source: UNCT AD, GlobStat

In other words, the evidence does not indicate that trade liberalization has resulted in a generalized destruction of the industrial base created in the. iJhird World as a result of imports from the advanced countries. In fact, it is the migration or 'relocation' of production in the other direction, from the advanced countries to the Third World and de-industrialization in the former, that have increasingly acquired prominence in contemporary discussions on globalization.

Value-added shares measured in US dollars may m fact seriously underestimate indeed the extent of increase in the Third World share in world production that has taken place in the last two and a half decades. For one, the share of Third World countries in world GOP is significantly higher when measured in PPP dollars6

. Since

.. Patnaik, P. (1996) 5 Only 40% of developing country exports are directed towards other developing countries. 6 In US dollars, this share in 2003 was below 20%, while in PPP dollars it was over 42% (HDR 2005).

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the share of manufacturing in GOP is roughly similar for advanced and developing countries, this itself suggests that the relative size of the manufacturing sector in the Third World is perhaps greater than that indicated by MVA figures in US dollars. The same is true for services but to a lesser extent because services account for a larger share of GOP in the advanced countries than in the Third World. But the dramatic

· nature of the changes in the global distribution of manufacturing production that has taken place in recent decades is more sharply brought out in Table 7.2.

Table 7.2: Share of Developing Asia and Latin America in World Production of Selected Industrial Products, 1972 to 2001 (Percentages in descending order of2001 shares)

Industry 1972 1980 1991 1997 2001 Cotton Woven Fabrics 42.83 53.43 73.57 78.89 80.21 Cotton Yam, Pure and Mixed 40.73 51.17 64.57 73.21 79.30 Tyres for Bicycles and Motorcycles 24.97 34.03 49.32 49.20 76.90 Television Receivers 6.52 25.89 52.88 64.60 74.20 Motorcycles, Scooters, etc. 8.18 11.23 39.05 66.16 72.74 Non-Cellulosic Continuous Fibres 7.93 19.02 32.31 58.82 72.02 Soap 40.07 39.75 55.81 66.12 71.72 Telephones 2.55 9.04 46.31 59.78 68.18 Cement 19.39 29.20 50.13 65.22 67.19 Diesel En_gines 12.64 13.76 53.62 53.56 63.49 Non-Cellulosic Staple and Tow 5.74 18.08 40.87 48.86 62.08 Insecticides, Fungicides, etc. 30.05 32.64 32.71 47.82 60.18 Wheat flour 17.15 20.12 44.20 57.50 57.47 Refined Sugar 21.24 25.38 43.95 51.68 56.89 Iron bearing ores 26.21 35.27 39.25 54.93 54.32 Ammonia 36.46 35.68 40.16 51.32 54.24 Footwear 9.84 16.16 41.12 46.42 52.97 Napthas 17.61 27.14 37.92 46.64 52.91 Knitted Sweaters 12.38 11.27 31.61 46.40 52.87 Nitrogenous Fertlizer 16.19 29.92 44.55 46.45 51.06 Plywood 12.18 19.07 35.66 47.13 49.30 Phosphate Fertilizers 12.88 20.79 32.99 41.63 47.63 Compressors n.a. n.a. n.a. 44.01 46.61 Refrigerators for Household use 8.09 15.79 29.57 42.78 46.07 Pig Iron, Steel Making 10.15 15.97 31.69 38.08 43.76 Soft Drinks 11.80 32.07 39.24 43.33 43.34 Sulphuric Acid 9.78 13.29 19.31 43.05 43.14 Woolen Woven Fabrics 7.56 12.04 24.08 37.14 42.17 Woven Fabrics of Non-Cellulosic Fibres 24.43 19.97 36.70 37.88 41.53 Washing Machines for Household use 6.66 6.73 27.41 42.39 40.43 LPG from Petroleum Refineries 31.01 19.13 28.65 33.87 39.17 Biscuits 11.03 21.73 19.87 34.62 37.53 Soda Ash 11.21 12.37 , ....• 23.18 31.71 35.11 Tyres for Road Motor Vehicles 7.07 13.41 19.75 29.45 32.17 Beer 8.60 12.56 21.54 31.11 32.04 Synthetic Rubber 3.79 7.05 14.40 19.75 27.85 Lubricants 6.55 9.90 22.72 25.40 27.72 Wrapping and Packing Paper and Pagerboard 10.66 15.80 16.65 24.09 27.12 Aluminium, Unwrought (Total Production) 5.50 8.62 19.39 22.21 26.55 Dvestuffs, Synthetic 2.10 5.96 13.14 21.99 25.92 Cigarettes 21.59 22.75 11.81 23.19 22.46 Motor Gasolene 9.67 12.01 17.80 21.60 22.42

· Printing & Writing Paper other than Newsprint . 9.01 12.14 14.74 17.79 22.02 Carbon Black 6.07 15.99 24.60 19.90 21.39 Polyethylene 3.40 9.85 16.88 17.44 18.88 Chlorine 1.77 5.08 4.32 10.38 11.99

Note: Developmg Asta ts taken to be Asta mmus Japan and Latm Amenca as South Amenca plus Mexico. Source: UN, Industrial Statistics Yearbook, 1981 and UN, Commodity Production Statstics, 2001 and 2002.

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It shows that the share of Third World countries in physical production of a range of manufactured products has not only been consistently increasing, in many they have come to account for the major share of world production. Though only a few products have been included in the table, they are sufficiently representative to indicate the general trend. This general trend is most pronounced in the case of the basic industries and consumer goods industries, and this i_s also the case with many intermediate goods industries. Advanced country dominance has been maintained in technology or R & D intensive intermediate industries and capital goods (machinery and equipment) industries, and it is these that are also their major manufactured exports to Third World economies. Apart from these industries, advanced countries still account for a large share in some segments of the automobile industries and resource based industries like paper and paperboard. But even in industries where advanced country dominance survives, the trend is no different.

This evidence however does not establish that globalization is favourable to Third World development. For one, it is only a handful of Third World countries, mainly in East Asia, that account for the bulk of this Third World share in world production. The experience of many Third World countries is quite the opposite. Secondly, under globalization national shares in production and income do not necessarily correspond and the unequal position of the Third World expresses itself in an unequal and less than proportionate appropriation of the income generated by the worldwide structure of production. The existence of income transfers from the Third World may perhaps be the reason why the pattern of the global distribution of income and particularly manufacturing value added has changed much less than that of production.

In the worldwide system of profit under globalization, Third World economies can and do perform multiple roles. They continue to be primary product suppliers and markets for industrial products. The global market for consumer goods and services of course continues to be largely located in the advanced economies. But if the advanced economies have significantly higher per capita incomes, the Third World has a significantly larger population and an increasing share in world population. Their internal inequalities of income of course mean that their entire populations are not part of the world market. But where this _is the case, it at the same time means an existence of a high-income segment with above average incomes. Between them, this minority of third world populations is in numbers still large relative to advanced country populations with a capacity to purchase that may be underestimated by their income in l)S dollars 'aCprevailing exchange rates7

• Depending upon the level of income at which the demand for it arises, and the income elasticity of the demand for it, the share of the Third World in the world market for any product may be smaller or larger than that of advanced countries8

. In either case, however, Third World markets for a wide range of products are large even relative to the advanced countries.

? A rough indicator of the relative size of Third world markets is that, for any product where the average per person consumption of the top 20% of developing country populations is equal to the average per person consumption of the entire population in high-income OECD countries, the two sets of countries would have equal shares in the world market for that product. 8 For example, the Third World market for textiles is clearly bigger than that of the advanced countries. On the other hand, the positions are reversed when it comes to passenger cars but not in case of motorcycles and scooters. In the case of telephone subscriptions (both landline and cellular), the

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The crucial difference in comparison to an earlier era of capitalism is that they are not only markets for a wide range of consumer goods and services, but also for producer goods. The latter is because some Third World countries are also potential locations for production of goods and services for their domestic market or of tradables for the international market, or for stages of that production. The industrial base and infrastructure created by the diffusion of industrialization, the existence of large markets within them and in their geographical vicinity, th~ir lower wages, and the low value of their own currencies relative to advanced country currencies are the factors that enable some of them to be such potential locations of non-primary production. Productivity differences between the Third World and the advanced countries act as one countervailing factor to location of production in the Third World. Moreover, globalization has increased the leverage of capital over labour in all countries, and this in time could depress wages even in the advanced countries.

The Third World role in global production means that these economies are also potential sites for investments and acquisitions. In addition, their financial markets also offer the opportunities for speculative profits to global finance. But the worldwide system of profit in which Third World economies have a multi-faceted role is being built on the foundation of an unequal world. Advanced country states are dominant in the world and their capitalist enterprises stand atop the worldwide system of profit. For the flow of technology, capital, and commodities that enable this worldwide production, the latter remain essential conduits given their monopoly in technology, capital and in markets. They also dominate the services that cater to such international flows as well the global financial system. These provide multiple channels for flows of income from the Third World to the advanced economies that counteracts any tendencies for relocation of production to the Third World, as well as co~mand of advanced country enterprises over even capital and income that may remain in the Third World. The power of the advanced country states is deployed to maintain the system in this way, to tilt it even more in favour of the advanced countries and their capitals to the extent possible, and to counteract any tendencies in the opposite direction again to the extent possible.

But another important feature ofthe worldwide system of profit is the iniquities that it creates or reinforces between Third World economies themselves. But that is in fact

' _,..·-

inevitable since all Third World economies are not equally suitable as locations of production. For any Third World economy to be a location for production, that production would not only have to be competitive vis-a-vis advanced economies but also vis-a-vis other Third World economies. The production that does get located in the Third World, particularly that in manufacturing, therefore has an inherent tendency to concentrate in some regions. These regions constitute the 'success' cases in the Third World whose iniquitous position is reflected in their income gains lagging behind their production (or export) growth. This perpetuates their dependence on external markets, dependence that is any case created by the global finance

number in the Third World has already exceeded that in the advanced countries though the number of subscriptions per I 000 people is significantly lower in the former.

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imposed restnct10ns on the ability of Third World states to expand domestic expenditures. The more unequal position of others pushes them into occupying a peripheral position as producers of tradable manufactures and services for their own, and international, markets, and being limited to playing a more traditional role.

VII.2.2 The Global System of Profit and Third World Capital . .

The increasing openness of Third World economies has increased the scope for penetration of their economies by international monopoly capital, and the more limited international mobility of Third World capital does not permit a reverse penetration of the same order. Nevertheless, if competitive production is possible within the Third World, then the production experience of Third World capital creates the scope for both a horizontal and a vertical partitioning of the global system of profit between international monopoly capital and Third World capital.

The former kind of partitioning is the division of the international market between international and Third World firms engaged in similar potentially directly competitive activities. In general, within Third world markets at least where they have an established presence, access to technology, intermediates, and capital goods from sources that are not directly competitive can enable Third World firms to face competition from international firms in a wide range of products in both manufacturing and services. Strategic alliances and joint-ventures with international firms may also be used by Third World firms to fortifY their competitive position vis­a-vis other firms, and even to gain some access to advanced country markets.

One of the reasons why such a horizontal partitioning becomes possible is the difference in the relative significance that is likely to be attached to advanced country and Third World markets in the strategies of the two kinds of capital. For firms headquartered in advanced countries, the distribution of the world market would appear more skewed in favour of the advanced countries since their revenues and profits would be denominated in the currencies of these countries. The struggle for maintaining or expanding their market shares in the advanced economies would therefore tend to be of much greater significance in their strategic calculations. For Third World firms on the other hand, Third world markets would tend to be their major markets (including those in other Third World economies) and access to developed country markets would have to be through MNC firms.

The vertical partitioning between international and Third World capital is somewhat different, involving a more distinct and clearly demarcated space for the latter. In globalization's system of profit, it is not merely the command over production that forms the basis for appropriation of profit. It is also the command over technology, finance, and over markets. Production of course ultimately generates that profit but the direct organiza!ion of production is not necessary for partaking of a part of these profits. Indeed even a direct link with that production activity is not necessary as in the case of profits from speculative activities in financial markets. In the capitalism as it presently exists in the world, the monopoly over technology, finance, and markets is far more concentrated than that in the ownership of the means of production. It is in

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these spheres that international monopoly capital has a more decisive edge over Third World capital, much more than in the ability to manage production or in production experience9

•

If so, the global system of profit permits an arrangement where Third World capital is accorded a greater space in the sphere of production. For international capital, this

. .

arrangement serves the function of a risk-reduction strategy wherein it can still appropriate of a significant part of the profit generated as the quid pro quo for granting access to the technology, finance, and markets that are the premises for that production. Third World firms participation in international production networks, their role as suppliers or subcontractors to international production and retail firms, and as recipients of finance from international financial firms, are all reflections of this arrangement. The appropriation of profits through purely speculative activities by international finance, on the other hand, involves no such direct quid pro quo. All that it offers is an uncertain source of foreign exchange for Third World economies. In all cases though, the space for Third World capital is the other side of the emergence of a highly parasitic international capitalism. The combination of both a clear hierarchy and a partitioning in the global system of profit in tum ties up the interests of Third World capital with that system.

The participation of Third World capital in the global system of profit remains crucially dependent on the location of production in the Third World. Both in the horizontal and vertical partitioning, the extent of Third World capital's space would be greater in such production than in the production located in the advanced economies themselves. For one, Third World locations would induce a greater tendency on the part of international capital for sharing risk and forging of strategic alliances with Third World firms. Secondly, for Third world capital itself it would be easier to enter into these relationships in their own domain than in the advanced countries. In fact, since the space for Third World capital within this system is more or less common for all Third World capitals, the more direct competition may be between them rather than with international monopoly capital. This competition parallels that between Third World economies for being locations of international production and like that competition and also because of it, can produce differential effects on different Third World capitals. Moreover, the space occupied by any.-Third World capital in any period of time would always remain vulnerable to the effects of the caprices of speculative finance and to the possibility of migration of that space to other Third World locations and capitals.

The tying in ofThird World capitalism into the global system ofprofit, and the nature of that tying in, means that neither the actual scale of foreign direct investment flows to the Third World nor even the extent of direct foreign ownership of productive assets in the Third World can properly indicate its extent. Foreign direct investment· flows are not necessary for investments by Third World firms, which can be financed

9 Moreover, in the era of globalization advanced capitalism has also sought strengthening this monopoly through the imposition of uniform rules (for example in the sphere of patent laws), opening up of Third World financial sectors and markets, etc.

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from domestic sources, and if financed from international sources, the corresponding flow would take the form of portfolio investment. Even foreign firms can generate finance from these domestic sources for both investments and acquisitions. In addition is the indirect control achieved through the tying in of Third World capital. In the case of international financial firms on the other hand, apart from the portfolio investment flows entering Third World economies through them, it is the mobilization of finance by them within the Third World itself rather than the capital they bring in which is the proper indicator of the extent of their penetration.

In short then, in the parasitic international capitalism of the present, it is the existing production base of the Third World and its internal capacity to expand that base that too are objects of exploitation. Foreign direct investment only serves the function of partially creating the channels for that exploitation and not that of being a major instrument of expanding production.

VII.3 CONTRADICTIONS OF THE NEW STAGE OF INDIAN CAPITALISM

In assessing the position that Indian capitalism occupies, or is heading towards occupying, in the new world order of capitalism we now have the benefit of the evidence of over a decade so that this analysis need not be primarily speculative. But while accessing this evidence, it is also necessary to be conscious of at least two things. Firstly, I~izati~.!l- jl~~ b_een a comparatively slow and_gradual

0 , ,

process__tbough there has been no ambiguity regarding its direction. For example, kv'

~e si~Cfanff redtictlo~s, theindian market is still ~mongst the most protected in the world. Secondly, the time period since liberalization began has not yet been long enough for all the long-term trends of the phase to fully reflect themselves.

These are relevant because of the peculiarly contradictory position of Indian capitalism among Third World capitalisms. On the one hand, when liberalization began India was one of the poorest countries of the world in terms of per capita GDP and with also low levels of per capita industrial output. Yet it was also a populous country with in aggregate terms a large and diversified economy, industrial base, and market, that few other Third World countries could match. If the former suggested a ? peripheral role of Indian capitalism in the international accumulation process, the latter meant that Indian capitalism possessed some of the necessary qualifications for ~ occupying the upper tier of the space marked out for Third World economies and capitals in globalization's system of profit.

Indian liberalization therefore did not have the automatic implication of the decimation of India's industrial base due to competition from advanced country industry and could even have been expected to set the stage for India becoming a

_location of manufacturing production for the international market. The evidence so far indicates that the former was true, but it also clearly does not suggest that the latter is happening. Is it then that the relatively limited trade liberalization has served to protect an otherwise uncompetitive Indian industry in many sectors? Or is it that India has this peculiar position where the Indian economic space is a competitive location

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of production for its domestic market, but not for the international market? The 1 answer to both questions is perhaps partially yes, but not necessarily in relation to r advanced economies but in relation to another Third World economic space in India's ) geographical vicinity, namely East Asia10

•

VII.3.1 India and East Asia

Virtually on every count that India could have been a potential location of manufacturing production for the international market, it compared unfavourably with East Asia at the beginning of India's liberalization process and this picture has not changed' since then.

Table 7.3: India and East Asia: A Comparative Profile

Region/ Country Population GDP GDP Per Capita Millions US$ PPP$ US$ 2003 PPP$ Annual G.

World 6313.8 36058.3 51150.6 5801 8229 1.4 Developing Countries 5022.4 6981.9 21525.4 1414 4359 2.9 East Asia and Pacific 1928.4 2893.6 9762.2 1512 5100 5.6 Hong_ Kong 6.9 156.7 185.3 22987 27179 2.1 Singapore 4.2 91.3 104 21492 24481 3.5 Korea, Republic 47.5 605.3 861 12634 17971 4.6 Malaysia 24.4 103.7 235.7 4187 9512 3.4 Thailand 63.1 143 471 2305 7595 2.8 China 1300 14170 6445.9 1/00 5003 8.5 Indonesia 217.4 208.3 721.5 970 3361 2 South Asia 1503.4 902.2 4235.9 617 2897 3.5 INDIA 1070.8 600.6 3078.2 564 2892 4

Exports of Goods and Manufactured High-Technology Exports 1990 2003 1990 2003

World 19 24 72 77 18 Developing Countries 25 35 58 73 21 East Asia and Pacific 33 52 75 86 29 Hong Kong 132 170 95 93 13 Singapore 72 85 59 Korea, Republic 28 38 94 93 32 Malaysia 75 114 54 77 58 Thailand 34 66 63 75 30 China 18 34 72 91 27 Indonesia 25 31 35 52 14 South Asia 11 17 71 61 3 INDIA 7 14 71 77 5 Source: HDR 2005

India's immediate region, that is South Asia, has historically been amongst the least integrated regions of the world. East Asia in contrast has been more successful in overcoming the political impediments to integration and is therefore much more of a regional economic space than South Asia. In fact, since the 1990s there has been an even greater integration of the region centred on the Chinese economy. East Asia's exports to the rest .of t~e world are increasingly being funneled through China, which in turn is becoming the major driver for an expanding share of the intra-regional exports for the rest of the region. In the South Asian region however, India is the only country with a major industrial base and the intra-regional trade extremely limited.

10 More precisely East and South-East Asia

297

Thus, in the competition for being a Third World location for manufacturing

production, India's national economic space was confronted not by other national

economic spaces but a region. A balance that was always tilted against India became

consequently even more formidable. Between the different countries in the region,

East Asia's industrial base was significantly larger and far more developed than that of

India even at the beginning of the 1990s, and they had also attained significantly

higher investment rates. Indeed, the geographical and economic size of the region,

and the economic diversities within it, meant that it had the capacity or capability to

produce an extremely wide range of industrial products - from labour-intensive to

capital-intensive and from low-technology to high-technology products 11• Barring a

few niche products here and there, India had no special advantage over East Asia as a

location of production in manufacturing activities. Even on the count of infrastructure,

an important determinant of costs of production, India stood way behind East Asia.

India and South Asia are of course highly populous. But so too is East Asia m

addition to having higher average incomes than in South Asia. The Indian market's

size pales in comparison to China alone on account of both its size and width, and of

course even more so in relation to the East Asian region. Geography and history are

also tilted against South Asia. Unlike not only in relation to Third World East Asia,

but also Latin America, North Africa, and Eastern Europe, the geographical location ·

of South Asia is not in proximity to any of the three centres of advanced capitalism, ~~-- ----- ., _____ _

but is so only to East Asia.

VII.3.2 India in Globalization's International Division of Labour

Thus even if its industrialization process after independence had created a reasonably

large industrial base in India .capable of competitive production in relation to the

advanced economies, it was unfavourably positioned to occupy the position that East

Asia does in the international division of labour created by globalization. Given the

range of manufactured products that East Asia is capable of producing, that does not

leave too many niches in manufacturing that India can occupy which are

complementary too and not competitive with East Asia's position. Most of these

complementary niches are in India's low-technology traditional exports like· some­segments of textiles industries and gems and jewelry, which represent only a narrow

spectrum of Indian manufacturing. The main markets for these are also in the

advanced economies. These niches therefore do not permit the East Asian regional

expansion process to expand and include South Asia in a major way.

The East Asian regional expansion process, as mentioned earlier, is increasingly

centred on China. China not only has the fastest growth of exports in the region, it is

also the only country in the region in whose exports the share of advanced economy

11 The fact that it still is substantially dependent on exports to and imports from the advanced economies, and has to depend for a significant part of such exports and imports on MNCs, is a reflection of the iniquities of the world order.

298

/

destinations is increasing. For the rest of East Asia on the other hand, it is becoming

more important as a market and correspondingly, while China's exports have been

heading outwards from the region, those of other countries in the region are moving

inwards. The overall trend of East and South Asia's exports moving towards its own

region is even more pronounced in the case of manufactured exports 12•

Table 7.4: Total Exports and Share of Developed Economies and Other Asia in Exports of India and Selected East Asian Economies

Country Total Exports (US $ Percentage Share in Total Exports of: Million) Developing Other Asia* Developed Market Economies

1990 2003 1990 2003 1990 China 62760 438250 54.1 33.2 35.7 HKG 82144 223874 40.8 54.9 53.6 Taiwan 66513 168198 26.1 50.9 68.3 Indonesia 25675 60995 25.2 40.6 70.5 Korea, Rep 67812 194862 16.7 41.3 67.1 Malaysia 29240 121868 44.5 47.4 50.8 Thailand 23072 80521 22 44 68.1 Singapore 52753 144121 41.8 54.5 50.3 Total of Above 411959 1434692 34.7 44.0 56.5 India 17813 61559 12.2 26.5 57.3 Developmg Other As1a mcludes 26 countnes of Asm, excludmg Japan and West Asm. Source: UNCT AD, Handbook of Statistics, 2004

2003 56.2 41.5 42.8 52

44.7 46.3 52.4 39.7 47.8 52

While the share of the surrounding region in India's exports has also been increasing,

this share is even lower than that of China and the increase has been more at the

expense of Eastern Europe than of advanced market economies. In other words, given

that India's total exports are meagre compared to East Asia's, it is not only a marginal

exporter to advanced country markets, it is an even more marginal exporter to

countries in its vicinity. It is therefore largely shut out by and from both ends of the

East Asian expansion process.

Thus over a large spectrum of manufacturing, East Asia has a significant edge over

India. If so, it also means East Asia itself poses a serious threat to the sustenance of

India's industrial base because of it being a potential location of production for

catering to the Indian market for manufactured products. In other words, the major

threat to Indian industry following trade liberalization had to come not from the

advanced economies but from East Asia. The movements in the geographical pattern

of India' trade and trade balance since liberalization would seem to corroborate this.

As the table below shows, India's trade balance with the advanced economies has not

only been better after liberalization, with these countries as a whole the deficit has

been eliminated 13. The share of OECD countries in India's imports has fallen quite

sharply. Major deficits have however pe~sisted with East Asia, excluding Hong Kong

12 In 2002, 51.1% of other Asian developing countries manufactured exports were to themselves. 13 A significant surplus exists in the trade with the US while major deficits are limited to trade with Australia and Switzerland.

299

with whom India has traditionally had a large export surplus based primarily on gems

and jewellery exports14•

Table 7.5: India's Trade Balance with OECD countries and Selected Asian Countries

Country/Country Group 1989-90 to 1991-92 to 1994-95 to 1997-98 to 2000-01 to 1990-91 1993-94 1996-97 1999-00 2002-03

1. All OECD countries -10722.5 -1680.1 -1647.2 -4704.3 7378.7 A. EU -7822.4 -3399.9 -3648.3 -4898.6 -1709.2 B. North America -216.3 3244.6 6608.6 11774.7 18552.8 C. Asia and Ocenia -1850.3 -1016.6 -2630.3 -4769.5 -3078.3 D. Other OECD countries -833.4 -508.1 -1977.4 -6810.9 -6386.5 2. All SAARC Countries 1044.8 1833.1 3962.4 3587.1 5129.3 3. Hong Kong 1262.6 2163.6 4207.3 4740 5067 4. Other Asian developing countries (excluding OPEC members other -4182.6 -1983.3 -4960.4 -12612.3 -6441.1 than Indonesia) A.China, People's Republic of -35.7 19.7 -1128 -1818.6 -2571.8 B.South Korea -556.5 -618.9 -1038.7 -2417.4 -1990.1 C. Malaysia -1147.3 -410.6 -1289.4 -3552.6 -1644.4 D.Singapore -882.4 -224.4 -405.5 -2146.6 -931.8 E. Thailand 264.4 645.5 788.1 280.4 734.4 F.Indonesia 1.1 273.5 151 -1571.3 -1568.3

Source: RBI, Handbook of Statistics on the Indian Economy, 2005

Particularly noticeable in the above table are the major improvement in the trade balance with most countries in the period 1991-92 to 1993-94 and the equally dramatic deterioration in the period 1997-98 to 1999-00. The former was the period in which the rupee was depreciated sharply, and it also depreciated relative to East Asian currencies. The latter was the immediate aftermath of the Asian financial crisis, when the East Asian currencies depreciated sharply, including against the rupee. In that period, the greatest adverse movements in the trade balance were precisely with the countries afflicted by the crisis. This points towards the major influence on India's trade trends of the movements in the relative value of its currency, and underscores its vulnerability to the instabilities of the globalization process. A contrast could be drawn with China, an economy similarly positioned as India vis-a-vis the Asian financial crisis. China's exports, that were already five times the level of Indian exports in 1995, grew at twice the rate of India's in the period after the financial crisis.

The evidence also however shows the asymmetric impact of trade on Indian manufacturing's growth prospects. While it cannot find on a sustained basis export niches that would foster its expansion, a peristent threat to it from imports exists. At the same time however it possesses a large and diversified industrial base with established domestic networks. Depending on international market conditions, it could therefore either sometimes partially benefit by playing a role of supplementary producer of manufactured goods other than its traditional exports for the international market, or be adversely affected by imports from other countries.

14 Gems and Jewellery accounted for 66% of Indian exports to Hong Kong in 1990-91 and 71.87% in 2002-03.

300

India's merchandise export performance after 2000-01 has shown a significant improvement over the trend after 1995-96. In the post-liberalization period, the three years after 1992-93 and 1999-00 were the only other years showin~L~omparable export growth. Moreover, the recent spurt of exports has not been based on India's traditional exports. Chemicals, engineering goods (iron and steel, transport equipment, machinery and instruments), and petroleum products have been the important manufactured items showing the most significant above average export growth in this period.

But if exports have grown relatively rapidly, imports have grown even more rapidly and not only on account of oil imports15

• In fact, import growth has been rapid even in the same product groups in which the export surge has occurred. In the case of chemicals, metal manufactures, and machinery other than electronics, exports and imports have grown at a similar pace. If in case of transport equipment, export growth has beeri somewhat higher than that in imports, the c~se of electronics and computer

go~KI~~~pi~t~~e---~~p~rt ~rowth at half the avera~e rat~ ~n~ i~y_!wic~the ayerag~ rate. Amongst engineering goods, iron and steel has shown the fastest export growth, with export values increasing threefold between 2001-02 and 2004-05. In the same period, iron and steel imports also more than doubled. But more strikingly, the rapid growth of iron and steel exports is overshadowed by exports of iron ore, in whose case there has been an over five-fold increase. China accounts for nearly three-fourths of the market for Indian iron ore exports, and China's iron and steel exports have over the same period increased at a marginally higher pace than India's, though its export levels are three times that of India16

• China has also been the major market for India's iron and steel manufactures.

The case of iron and steel is not unique. The only exception is in the case of petroleum products, in whose case India's export growth in recent years has been significantly faster than China's and its export levels have exceeded China's. In every other category of manufactured products where India has experienced an export surge, China's export levels have not only been significantly higher than India's - three times in case of chemicals, seven times in case of transport equipment, ten times in case of metal manufactures, and as much as forty eight times in case of machinery and electronics- their rates of growth have been similar to that oflndia's, or significantly superior as in machinery and electronics. Further, China is not the only East Asian or developing country to have experienced rapid growth of exports in these products. Singapore, Malaysia, and Mexico have experienced significantly greater increases than India in exports of petroleum products; Korea and Singapore in Chemicals, Korea and Brazil in transport equipment, Korea in metal manufactures, and Korea and Malaysia in machinery. In each of the products, India continues to remain a marginal exporter even amongst Third World countries.

In other words, India's recent export surge does not represent any significant I breakthrough in international markets whereby global producti-on is tending to migrate

15 Chandrasekhar and Ghosh (2006a,2006b) 16 Based on export figures available in lTC Trade Stat

301

to India. As a supplementary producer for such markets it has benefited from temporarily favourable global demand trends in some products and its export growth appears impressive only because of the low base levels. The benefits it has derived have been mainly the result of China's expansion. Consequently, there is a high degree of geographical concentration of the export growth - with three countries, China; Singapore and UAE, whose combined share in total Indian exports was barely 10% in 2001-02, accounting for as much as a third of the increase in exports between 2001-02 and 2004-05. Export growth to the OECD countries and other East Asian countries like Hong Kong, Malaysia and Thailand has been significantly below average. For all of these countries, and South Korea and the UAE, import growth has far exceeded that of exports. Thus, the export performance of recent years warrants no amendment to the conclusion that in the international division of labour under globalization, Indian manufacturing is not destined to occupy an important position.

India's position in the case of tradable services however has been somewhat different from that in manufacturing. This difference lies not in the conventional tradable services but in the new areas of software, professional, technical, and business services, that have emerged as a result of the developments in the sphere of communications. The basis for the production of some of these services being located in India lies in the relatively cheap availability of some of the specific mental labour required for their production. While such labour may also be cheap in other Third World countries, historical reasons have accorded to India a somewhat special position in this regard.

India had the historical legacy of India being an erstwhile British colony that also developed after independence, as part of the earlier strategy of capitalist development, a fairly diversified English language based tertiary education sector. Advanced economies, and particularly the US, had for a long time been major beneficiaries of the outflow from India of skilled labour developed by that sector17

• That benefit had been mostly in the form of savings in the cost of producing that labour and largely encompassed the high-end segment. With developments in communication enabling the outsourcing of many services from, or their location in, distant geographical locations, a much wider range of skills from high-end to low-end including simply language skills could be accessed and that too without involving physical relocation of the labour to the advanced economies. The latter in tum afforded additional benefits for the demanders of these services in the form of the lower costs of purchasing these labour services within India.

US firms have always occupied a leading position in the software and IT industries and are also the major purchasers of outsourced software services. The US and the rest of the English-speaking developed world between themselves account for a large part of the world economy and therefore also ·generate a large demand for other business services. These, and the established historical connections in these spheres, are what have given India some advantage in being a location for the production of

17 Khadria 91990), Nayyar (1994b)

302

some services in comparison to Third World economies which either did not possess a tertiary education sector like India's, or where the use of the English Language was not so prevalent.

In comparison to its manufacturing exports, India's service exports have grown more rapidly in recent years. Its participation in the growing exports of services from Asia is much greater than in merchandise exports, though· still accounting. for a small portion of the total. This is based on India's service exports being largely different from that of East Asia, heavily concentrated in a niche that however also has experienced the fastest growth. In 2002, 75% of India's service exports were of 'other business services', and it was the largest developing country exporter in that category. But the growth of such services, given their extremely limited linkage effects with the rest of the economy, does not offer a substitute for expansion in manufacturing.

VII.3.3 The Contradictions of State Intervention

Though the apparent common thread among the various elements of the liberalization paradigm suggests that it signifies the "retreat of the state", it has been convincingly argued t~at this expression is a gross misq,omer18

• Indeed, every area where the State had traditionally played a supportive role in the development of Indian capitalism r· remains has become even more critically important under liberalization. The

I

difference is and it can no longer perform them in the ways that it had done in the past.

Under the new regime, the State cannot protect Indian capital beyond a point from foreign competition in its own domestic space by imposing restrictions. But that has only enhanced the need for Indian capital to be competitive, in which too it needs the assistance of the State. The need to be competitive in turn has only increased the requirements of an expanding domestic market and the development of its infrastructure. For both of these expansion of public expenditure is important, but that is not possible beyond a point under the liberalization regime. Similarly, increased integration has not eliminated the need for the State to manage or regulate money, the financial system, and the exchange rate. What it has done is to make these more difficult and increased their potential volatility and instability, while simultaneously making the consequences of instability potentially more severe. In other words, the J successful management of these has become even more critical for the future ofj Indian capitalism.

Thus, the fundamental consequence of liberalization is not that the State has become irrelevant to the course of Indian capitalism, but rather that the degree of freedom enjoyed by the State in performing its role has shrunk considerably. Thus, if the context of Indian capitalism was always characterized by a deep contradiction between on the one side its need for State intervention and. on the other side the constraints faced by the State in that regard, that contradiction has not been resolved. Rather it has only become sharper with liberalization and the erosion of relative autonomy.

18 Patnaik, P (1995/1992)

303

More than a decade of liberalization in India has not yet resulted in a complete reversal of the State's traditional role. The public sector still accounts for nearly a quarter of GDP, marginally below its share at the end of the 1980s and higher than the share of the sector for most of the post-independence period, i.e. till the mid-eighties. In key infrastructure sectors as well as the financial sector, the public sector dominance has not yet been supplanted by the private sector. The privatization of public enterprises too has only proceeded to a limited extent, though de facto privatization has been of a greater order. In addition, deficit financed government expenditure remains significant. Yet, the effects of the constraints on the state have become clearly visible19

•

Tax rates in India have fallen, with the result that the Tax-GDP ratio, which was in any case amongst the lowest in the world, has declined further after liberalization. Interest payments on Government borrowing have on the other hand increased and are now the major source of the deficit. Foreign capital inflows have themselves generated a significant degree of monetary expansion because the RBI has had to purchase foreign exchange assets to prevent excessive appreciation of the domestic currency. This in tum has created a further impetus for tight monetary policies. The religious pursuit of the principles of "sound finance" in India in recent years, despite a background of a comfortable current account position, accumulation of large foreign exchange reserves, and surplus capacity or stocks in the real economy, is in fact reminiscent of the colonial government's policy during the Great Depression.

The main burden of this has fallen on public investment, whose growth has faced a complete collapse since the beginning of liberalization. The share of the public sector in gross capital and fixed capital formation has declined from around 40% at the beginning of the 1990s to 25% by 2002-03. The growth of government final consumption expenditure has been less affected, but an increasing share of this has been directed towards payment of wages and salaries as compared to purchases of goods and services.

VIJ.3.4 Growth under Liberalization

The growth experience of the Indian economy since the beginning of liberalization has been a story of two halves. As the Table 7,6 shows, the initial years saw a replication of the growth trend and its sectoral·-pattem that had characterized the 1980s, followed by a marked deceleration from the second half of the 1990s. This deceleration was most marked and entirely concentrated in the primary and secondary sectors, reflecting a crisis in agriculture and industry, with services maintaining its growth rates. Liberalization was also accompanied by a slowing down of investment growth, which became more pronounced with the deceleration in output growth. This was not however replicated in the case of consumption expenditures. On the contrary, the slowing down of output and investment growth in the second half of the liberalization period was accompanied by a recovery in government final consumption expenditure growth and an acceleration in non-food private consumption

19 Chandrasekhar and Ghosh (2002)

304

expenditure growth. Particularly the deceleration in industrial growth apparently therefore cannot be explained by constraints of consumption demand. Yet it is true that underlying that deceleration, and that of investment, is a market constraint that is inherent in the Indian liberalization process and points towards a long-term crisis of accumulation confronting Indian capitalism.

Table 7.6: Annual Growth Rates ofGDP and Components of Final Demand at Constant Prices

Period GDP at Factor Cost Primary Secondary Tertiary Total

1984-85 to 1990-91 3.89 7.64 7.26 6.08 1990-91 to 1996-97 3.67 7.01 7.25 6.01 1996-97 to 2002-03 1.43 4.97 7.92 5.37

GFCF PFCE GFCE Total Non-Food

1984-85 to I 990-91 8.87 4.80 5.98 7.46 1990-91 to 1996-97 7.92 4.86 5.87 4.04 1996-97 to 2002-03 6.38 4.68 7.49 7.15

Source: CSO, National Accounts Statistics and EPW, National Accounts Statistics

Indicating that market constraint are also price trends. Since the mid-1990s, manufacturing prices have increasingly diverged from the general price trend.

Figure 7-1: Prices of Manufacturing Relative to Overall Price Indices

105 100

95 90 85 80

-.;t (() co 0 N 0> 0> 0> 0 0

I I I I I ('t) L{) t- 0> ...... 0> 0> 0> 0> 0 0> 0> 0> 0> 0 ...... ...... ...... ...... N

Source: Economic Survey, NAS

VII.3.5 The Market Constraint under Liberalization

FWPil ~

Deflationary fiscal policies have contributed to a deepening agrarian crisis in the post­liberalization period that has affected even the relatively more prosperous states20

•

Particularly since the second half of the 1990s, agricultural GDP growth has stagnated meaning declining per capita incomes in agriculture. The long-term trend of a declining share of agriculture in aggregate output has been accelerated so that over the decade up to 2002-03, the sector's share in NDP declined from 32.9% to 23.8%. The consequent crisis of agrarian incomes has severely dented the sector's capacity to

20 Patnaik, U (2003)

305

provide an expanding market for non-agricultural activities. As it is, the shrinking of agriculture's relative size relative to it means that any increment in agricultural incomes has a smaller effect on the market for industry than it did earlier.

The combination of the agrarian crisis and the collapse of public investment have meant that after liberalization two of the major autonomous sources in the past of expans-ion of the market for industry have ceased to play that role. The consumption market expansion that has occurred has been one in which public expenditure too has played a role. The processes by which this has happened are also similar to that in the past. But this has been a market expansion on an increasingly narrow base, a result of increases in incomes of those already in a higher income bracket, rather than one of widening the market.

At the centre of this process of market expansion has been the increasing incomes from organized sector employment. The share of organized sector compensation of employees in NDP has 'increased steadily after liberalization, and more pronouncedly after 1997-98. It is this that accounts for virtually the entire increase in the shares in total NDP of total compensation of employees as well as organized sector NDP.

Table 7.7: Shares in NDP of Compensation of Employees and Organized Sector(%)

Year Compensation of Employees Organized Sector NDP Or~anized Sector Total

1993-94 22.06 33.81 36.80 1997-98 23.16 35.58 39.16 2001-02 25.95 37.78 41.52

Increase in Share (Percentage Points) 1993-94 to 1997-98 1.10 1.77 2.36 1997-98 to 2001-02 2.79 2.21 2.36 1993-94 to 2001-02 3.89 3.98 4.72

Source: CSO, National Accounts Statistics 2004.

Like in the past, increases in per capita emoluments of public sector employees accounted for a significant share of this increase. But after liberalization, unlike what was the case in the 1980s, this has been accompanied by a contraction of public sector employment. Post-1991, an initial slowing down of such employment growth till 1997 was followed by a decline thereafter, with the result that public sector employment in 2003· was lower in absolute terms than in 1991. In fact, much of the increase in compensation of public sector employees has been since 1997-98, subsequent to the implementation of the Fifth Pay Commission recommendations, a period in which employment declined. What this reflects is the following. In the absence of significant public investment, and given that even final consumption expenditures of government are constrained by the fiscal crisis, there is a tendency towards an inverse relationship between growth of emoluments of public sector employees and that of public sector

employment.

The private organized sector too has, since the onset of liberalization and removal of controls on salaries, seen major increases in white-collar employment salaries and an increased differentiation within employees. But employment trends in that sector have also been similar to that in the public sector. An initial acceleration of private organized employment, which itself was not sufficient to compensate for the slowing

306

down of public sector employment growth, was followed like in the public sector by a negative trend since 1997. In other words, the rising share of compensation of organized sector employees in NDP represents a rising share of a number that is becoming smaller in absolute terms, and of course a smaller and smaller part of the entire workforce.

These trends in organized sector employment, and the changing profile of such employment that lies behind the overall figures, are revealed in the table below. The Table shows firstly that the marginal increase in organized sector employment from 1991 till 1997 (which was in any case less than three-fifths of the increase in the previous six year period, 1985-91 ), was more or less completely reversed in the next six years. Twelve years after the beginning of liberalization, it therefore stood at more or less the same level as at the beginning.

Secondly, the gains and losses in organized sector employment were unevenly

distributed between sectors. Only services showed an overall increase in employment

over the twelve-year period with the greatest decline having taken place in industry

(primarily manufacturing). Industrial employment initially increased as private

employment growth compensated for the decline in the public sector, but then even

the former declined sharply after 1997 and that of the latter accelerated. Services

employment in the private sector grew relatively more consistently, but after 1997 a

large part of it was cancelled out by the decline in the public sector.

Table 7.8: Organized Sector Employment in India, 1991 to 2003 (lakhs)

Sector Agriculture Industry Electricity and Services Total 1991

Public Sector .. 5.56 28.51 20.54 135.97 190.58 Private Sector 8.91 45.81 1.13 20.92 76.77 Total Organized Sector 14.47 74.32 21.67 156.89 267.35

1997 Public Sector 5.33 26.39 20.9 142.97 195.59 Private Sector 9.12 53.31 0.95 23.46 86.84 Total Organized Sector 14.45 79.7 21.85 166.43 282.43

2003 Public Sector 5.06 21.07 18.61 141.07 185.81 Private Sector 8.95 48.1 0.94 26.21 84.2 Total Organized Sector 14.01 69.17 19.55 167.28 270.01

Change: 2003 from 1991 Public Sector -0.5 -7.44 -1.93 5.1 -4.77 Private Sector 0.04 2.29 -0.19 5.29 7.43 Total Organized Sector -0.46 -5.15 -2.12 10.39 2.66

Change: 1997 from 1991 Public Sector -0.23 -2.12 0.36 7 5.01 Private Sector 0.21 7.5 -0.18 2.54 10.07 Total Organized Sector -0.02 5.38 0.18 9.54 15.08

Change: 2003 from 1997 Public Sector -0.27 -5.32 -2.29 -1.9 -9.78 Private Sector -0.17 -5.21 -0.01 2.75 -2.64 Total Organized Sector -0.44 -10.53 -2.3 0.85 -12.42

Source: Economic Survey, 2004-05

307

Thus, along with the stagnation or decline in organized sector employment was an increasing share of services. Organized service sector employment tends to have a much higher white-collar component than the other sectors. But white-collar employment also draws on a much narrower social base than blue-collar work. This means that those sections that had access to the former have confronted significantly better employment prospects than others21

• Not only did they start with initially higher incomes, they have also been the greatest beneficiaries of the income increases accruing to organized sector employees. In addition, this very same segment has also benefited from a greater access to off-shore employment and is the source of the increased flow of remittances from abroad after liberalization22

•

The rise in incomes of a segment of middle class households that is a result of this process would also have, as in the past through its spread effects helped sustain a larger higher income category. But like in the case of organized sector employment, this too would be a process of increasing incomes of a narrow segment that was already in the higher income bracket. In other words, the market expansion process in India after liberalization has become more and more dependent on the rising incomes of the relatively small and increasingly smaller section of the population that was already in the market for industrial consumer goods. This distinguishes the market expansion process after liberalization from that in the late 1970s and 1980s that has been described earlier. Unlike in the decade and a half before liberalization, when there was an element of widening of the market in terms of the numbers that became part of it, post-liberalization market expansion has seen a tendency towards market narrowing - increasing prosperity of a stagnant section of the population being accompanied by stagnation or decline in incomes of the vast majority.

Insofar as it is the increases in income experienced by a stagnant higher income group that has induced the growth of non-food consumption, it has certain implications for the pattern of the resultant demand expansion. These increases in income and greater access to credit have induced the continued growth of a high-income lifestyle. One of the key consequences of this has been and increasing expenditures on services rather than goods. As Table 7.9 shows, virtually the entire increase in the share ofnon-food consumption expenditure after liberalization is accounted for by services23

•

The market expansion process has, certainly also expanded the market fov--·industrial consumer goods, more so for some products than for others, but the overall share of manufactured products in private final expenditure has stagnated. This is different from the trend in the 1980s, when the share of manufactured products increased even though the increase in the share of non-food consumption as a whole was of a much lower order than after liberalization. In other words, the value demand for manufactured products has grown much more slowly than in the case of services.

21 This is also the segment in the population in whom birth rates have fallen the most so that employment seekers would decline from one generation to the next. , 22 Private transfer payments from abroad increased from 0. 7% of GDP at market prices in 1990-91 to 3.4% by 2002-03 [Economic Survey] 23 There is some difference between what the table shows and what appears in the National Accounts Statistics as the increase in the share of services because of a different classification.

308

Table 7.9: Percentage Shares in Private Final Consumption Expenditure at Current Prices of Selected Non-Food Items

Post-Liberalization Pre-Liberalization Item 1993-94 2002-03 Chan~e 1980-81 1990-91 Chan~e Personal Transport Equipment 0.4 0.4 0.0 0.3 0.5 0.2 Equipment, Paper, & Stationery 1.1 1.1 0.0 0.5 1.4 0.9 Furniture, Furnishings,Appliances 2.5 2.2 -0.3 2.4 .3.1 0.7 Clothing & Footwear 6.1 4.4 -1.7 11.2 10.7 -0.5 Total of Above 4 items 10.1 8.1 -2.0 14.4 15.7 1.3 Personal Goods, n.e.c. 2.0 3.0 1.0 1.6 2.0 0.4 Beverages 0.5 1.3 0.8 1.3 0.9 -0.4 Total of Above 2 items 2.5 4.3 1.8 2.9 2.9 0.0 Operation of Personal Transport 3.9 4.7 0.8 1.1 3.0 1.9 Personal care & effects 1.9 2.1 0.2 1.2 1.0 -0.2 Gross Rent, Fuel & Power 11.9 11.8 -0.1 12.8 10.8 -2.0 Total of Above 3 items 17.7 18.6 0.9 15.1 14.8 -0.3 Medical Care and Health Services 3.4 8.1 4.7 3.0 2.5 -0.5 Other Miscellaneous Services 2.4 4.6 2.2 0.7 1.4 0.7 Purchase of Transport Services 6.3 8.3 2.0 3.4 6.4 3.0 Communication 0.7 1.4 0.7 0.4 0.7 0.3 Education 1.8 2.1 0.3 1.7 1.9 0.2 Hotels and Restaurants 1.1 1.4 0.3 0.9 1.0 0.1 Furniture, Furnishings,Appliances 0.6 0.7 0.1 0.4 0.4 0.0 Recreation & Cultural Services 0.2 0.2 0.0 0.7 0.4 -0.3 Total of Above 8 items 16.5 26.8 10.3 I 1.2 14.7 3.5 Total of all Above Non-Food Items 46.8 57.8 11.0 43.6 48.1 4.5 Total Non-Food Items 49.4 60.9 11.5 46.6 51.0 4.4

Source:NAS, 2004 and 1993.

Partly, this is undoubtedly a result of the relative cheapening of manufactured products. But relative cheapening should also be expected to increase volumes as it has significantly in the case of some manufactured products like two-wheelers. Increases in incomes should also be expected to induce quicker replacement rates and shifts toward more expensive higher end products. This has for example happened in the case of many consumer durables and cars (and even in the case of drinking water). Further, an increased diversification of demand for industrial products should also have led to demand for newer products. If despite all of these, the value demand for manufactured products has not grown rapidly it would mean that the overall increases in volume demand for manufactured products have been inadequate to counteract the effect of their relative cheapening. This is the sum totaf effect of the narrowing of the market.

Services have been less affected by the market narrowing because the nature of demand diversification induced by higher incomes of a stagnant population. Many services (for example hotels and restaurants, medical care, education, etc.) are also less affected by cheapening because the shift to higher end products in their case actually is simply a shift to more expensive services ofthe same kind.

Such a market expansion process cannot solve the market problem for industry unless the export prospects of manufactured products are favourable or there is some other impetus for the rapid growth of investment in the economy. The net effect of trade, for reasons outline earlier, in the case of manufacturing however is one of reinforcing

309

the market constraint. And the evidence bears out that the market constraint in tum is reinforced by the effect liberalization has on investment - that of depressing its levels.

VII.3.6 The Investment-Growth Asymmetry and the Crisis of Accumulation

The inherent pattern of market expansion under liberalization means that there is no basis for a sustained and rapid growth of manufacturing output in India under such a regime. On the other hand, the relatively better prospects of service exports, and the non-tradability of many services for whom demand is increasing, make for relatively more favourable conditions for the growth of services. Some element of growth of services can also take place independent of either external markets or domestic market expansion. The growth of organised trade is at least partly linked to a rise in the foreign trade-GOP ratio following trade liberalisation. Moreover, the demand for some services emanating from business firms rather than households, or linked to business expenditures, has been increased by the current context (media and advertising, consultancy, financial services, accounting and legal services, travel and placement agencies, etc.). This demand does not decline immediately in the face of

recessionary conditions - it may even somewhat increase. JJ,Jt 'l' 1

r~ . l ~ • '

It is by no means certain that in the long-run the growth of services can compensate for slower growth in the primary and secondary sectors. In particular, the constraints on public expenditure growth and an eventual tapering off of the external demand for tradable services may not permit this to be sustained. But even if it does, it may enable Indian capitalism to avoid a major crisis of growth but it cannot solve the problem of accumulation. The industrial sector and the services sectors that have experienced grow1h have widely different capacities to absorb investment. In services, capital stock-intensive sectors like railways and ownership of dwellings have experienced relatively slow growth and a declining share in output. The rising shares have been of sectors like Trade; Hotels and Restaurants; Banking and Insurance; Business services; Education; Medical and health services; and Communications. In the absence of rapid manufacturing growth, Indian capitalism faces a serious problem of an inability to find adequate domestic outlets for investment. This has already showed up in the investment-growth asymmetry that has characterized the Indian economy under liberalization and lies behind the slowing down of investment growth in the second half of the 1990s.

As the table shows, the industrial and services sector stand out for showing markedly different trends in their respective shares in output and that in net fixed capital stock. The services share in output has been consistently increasing while its share in net fixed capital stock has moved in the opposite direction. It is the other way around with the industrial sector, whose trends mainly reflect the shares of the manufacturing sector24

• Over the period 1993-94 to 2002-03, the percentage increase in output of manufacturing has oeen half of that in its net fixed capital stock while in the case of services it is twice. Thus while industry and manufacturing have accounted for

24 At current prices, the share ofmanufacturing in NDP was 14.9% in 1993-94, 15% in 1997-98, and 13.7% in 2002-03.

310

(Jii :.n ·.'

rl~V(nt ,,

54.39% and 45.01% of the increase in net fixed capital stock respectively, their contribution to increase in output has only been 24.41% and 15.08% respectively. The services sector on the other hand, whose share in the increase in net fixed capital stock at 42.3% was less than that of manufacturing, has contributed 66.53% of the increase in real output, more than four times that of manufacturing.

Table 7.10: Sectoral Distribution and Percentage Increases in Net Domestic Product and Net Fixed Capital Stock at 1993-94 prices

Year/Period Agriculture, Total Manufacturing Services TOTAL Forestry and Fishing Industry_

Percentage Shares in NDP 1993-94 32.93 23.82 14.86 43.26 100.00 1996-97 30.44 25.10 16.68 44.47 100.00 2002-03 23.32 24.06 14.95 52.62 100.00

Percentage Shares in NFCS 1993-94 15.93 34.98 19.86 49.10 100.00 1996-97 13.48 39.73 25.60 46.79 100.00 2002-03 11.20 42.24 29.27 46.56 100.00

Percentage Increase in NDP 93-94 to 96-97 14.26 30.25 38.75 27.07 23.61 96-97 to 02-03 3.74 29.79 21.32 60.23 35.40 93-94 to 02-03 18.53 69.06 68.33 103.62 67.37

Percentage Increase in NFCS 93-94 to 96-97 4.19 39.84 58.66 17.34 23.11 96-97 to 02-03 7.90 38.03 48.47 29.15 29.81 93-94 to 02-03 12.42 93.02 135.56 51.54 59.82 Note: Industry includes Mining & Quarrying, Manufactunng, Electricity Gas & Water Supply, and Construction. Source: CSO, National Accounts Statistics, 200 I and 2004

This asymmetry between investment and output growth, where the former has gone in one direction and the latter has been concentrated in another, is what eventually brought down investment growth. The early years after the initiation of liberalization saw a explosive growth of investment in manufacturing activities, mainly by the private sector. Even though the output growth trend in these years was superior to that in the later period of liberalization, it was way below the rates at which investment was growing reflecting the fact that demand growth simply did not keep pace. This mismatch was most pronounced in the case of registered manufacturing, which_ accounted for the lion's share of investment, and this eventually resulted in a collapse ofthe investment boom (Table 7.11 and Fig. 7.2i5

•

Table 7.11: Annual Growth Rates of Gross Fixed Capital Formation and GDP in Manufacturing (Percent per annum)

Period Total Manufacturing Registered Manufacturing

GFCF GDP GFCF GDP 1990-91 to 1996-97 18.41 8.26 19.50. 9.49 1996-97 to 2002-03 -6.05 4.39 -6.06 4.20

Source: CSO, National Accounts Statistics, 2001 and 2004 and EPW, Nat1onal Accounts Statistics, 1950-51 to 1996-97

25 Nagaraj (2003) has noted the deceleration in manufacturing investment and also attributed it to output growth not matching the pace of investment due to demand constraints.

311

Figure 7.2: Gross Fixed Capital Formation in Manufacturing, 1990-91 to 2002-03

GFCF at Constant Prices 140000

120000

100000

80000

60000

40000

20000

0 ~

~ 0 (J) (J)

N C')

~ (J)

N ~

(J) (J) (J) (J) ~ ~

...,. 10 <0 (J) (J) (J)

I I ob C') ...,. (J) (J) (J) (J) (J) (J)

~

Source: National Accounts Statistics

...... co (J) 0 ~ N (J) ~ (J) 0 9 9 cb a:, I ...... (J) 0 ~

(J) (J) (J) (J) 0 0 (J) (J) (J) (J) 0 0

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-+-Reg Mfg

--Total Mfg

C') 0

I N 0 0 N

Capital-output ratios in manufacturing have climbed steeply after liberalization as a result of investment growth exceeding output growth. This increase in the capital­output ratio cannot be explained by an increasing importance of capital intensive industries. Changes in the pattern of manufacturing fixed capital in the past had not produced increases of such order as happened in the 1990s, a period in which there was not such a significant change in that pattern. The rising capital-output ratio in manufacturing was thus a clear indication of the creation of a high degree of excess capacity. The collapse of investment was thus inevitable. But since it was accompanied by a deceleration in output growth, the mismatch was not corrected.

Table 7.12: Average Capital-Output Ratios at Constant Prices in Manufacturing

1960-61 1970-71 1980-81 1990-91 1994-95 1 1996-97 At 1980-81 prices 1.71 2.2 2.46 2.13 2.82 I 4.15

1994-95 1996-97 1999-00 2002-03 At 1993-94 prices 2.85 3.90 5.18 5.05

.. Source: The figures at 1980-81 pnces are taken from EPW, Nat10nal Accounts Stat1st1cs, 1950-51 to 1996-97. Those at 1993-94 prices have been computed by the same method used by EPW, that is the average of two year end NFCS figures divided by the NDP for the interim period, and the data on NDP and NFCS are taken from CSO, National Accounts Statistics, 2001 and 2004.

It is not the rapid growth of private investment in the early part of the liberalization period, but rather the experience of the latter half of the-period that reflects the basic tendency of such investment under liberalization. The investment boom in the initial flush of liberalization was a result of temporary factors26

. The elimination of various direct and indirect restrictions on investment naturally resulted in a tendency for the initial clustering of many pent-up investments. Investments to enlarge scales, to undertake technological upgradation, and to exploit new avenues of expansion, were not only permitted by the new policies but also induced by the change in the competitive context these policies brought abouf. The latter also expressed itself through investments by new entrants, domestic and foreign. Capital goods also became cheaper as a result of reduction in import duties. But these temporary factors

26 For a discussion of these factors, see Balakrishnan and Suresh Babu (2003)

312

did not provide a sustained basis for expansion. They in tum gave rise to the operation of the market constraint that constitutes the basic reality of Indian capitalism under liberalization.

With the value demand for manufacturing output not increasing rapidly enough, there is a limit to the investment potential of the economy that the manufacturing sector can absorb. Other than the defensive investment that it needs to protect its turf, there is nothing to induce private investment in industry. On the other hand, the services sectors that are growing rapidly also have a limited capacity to absorb investment. With public investment being held in check by the opening up of the financial sector to portfolio capital flows, it can neither play the role of an inducer of private/ investment nor can it itself absorb significant investment. In such circumstances, there exists a persistence tendency for the productive investment potential of the economy ,J

to remain underutilized. This is the crisis of accumulation that faces Indian capitalism under globalization.

VII.4 THE INDIAN PRIVATE CORPORATE SECTOR AND GLOBALIZATION

At one level, liberalization and the removal of many externally imposed constraints on it appear to have created a conducive environment for the expansion of the private corporate sector in India. The rapid growth of non-government joint-stock companies and their paid-up-capital that was observed in the 1980s continued after 1991. Indeed, the growth in the 1990s ended the dominance of government companies in the private corporate sector. By the mid-1990s, the paid-up-capital of non-government companies had exceeded that of government companies and the gap has continued to increase thereafter. Not only that, the net fixed capitaJ_stock of the private corporate sector also left behind that of non-departmental enterprises. In other words, with l:beralization there was a rapid process of privatization of the corporate sector. A second indication of the rapid growth of the private corporate sector is the fact that the organized private sector has grown faster than the rest of the economy, and increased its share in NDP (at current prices) fromjust over 12% in 1990-91 to nearly 19% by 2001-02.

In sharp contrast however to the above rather dramatic and consistent rise in the relative significance of the private corporate sector, is the case of private corporate investment. Here, the story after liberalization is of first the rapid ascendancy of the private corporate sector to the position of being the most important sector of investment, and then an equally rapid fall from that position. As Table 7.13 shows, the private corporate sector at the beginning of the 1990s had a much smaller share in investment than the public and household sectors. But this increased rapidly up to 1996-97 to become the largest share, and then declined equally dramatically to revert back to its original position. The initial rise of the private corporate sector's share had compensated for the declining share of the public sector. But the latter decline continued even when private corporate investment fell, so that eventually the

313

household sector came to account for more than half the investment in the economy7! This telltale sign of the crisis of accumulation is the other side of the growth of th~ private corporate sector under liberalization. .

Table 7.13: Institution-Wise Distribution of Gross Capital Formation and Gross Fixed Capital Formation at Current Prices (Percentage Shares) Year GCF at current prices GFCF at current prices

Public Private Household Public Private Household Sector Corporate Sector Sector Sector Corporate Sector Sector

1990-91 38.59 17.08 44.34 40.46 16.86 42.68 1991-92 40.36 25.92 33.71 43.03 25.64 31.33 1992-93 36.99 27.98 35.03 37.84 26.42 35.73 1993-94 38.79 26.40 34.81 37.36 27.88 34.76 1994-95 37.25 29.54 33.21 39.98 26.70 33.32 1995-96 28.87 36.10 35.03 31.65 33.54 34.81 1996-97 31.77 37.92 30.31 30.24 37.88 31.88 1997-98 29.28 35.32 35.40 29.38 36.55 34.07 1998-99 30.77 29.88 39.35 30.00 30.54 39.46 1999-00 29.35 27.30 43.35 28.53 25.85 45.62 2000-01 27.82 22.36 49.82 27.50 22.29 50.20 2001-02 26.13 21.87 52.00 25.24 22.62 52.14 2002-03 24.90 21.03 54.07 25.90 20.72 53.38 .. Source: CSO, Natwnal Accounts Stat1st1cs, 2001 and 2004 and EPW, Nat1onal Accounts Stat1st1cs, 1950-51 to 1996-97

VII.4.1 The Private Corporate Sector and the Investment-Growth Asymmetry

The rapid growth and then collapse of private corporate sector investment is almost a mirror reflection of the trend of investment in registered manufacturing, indicating the direction of much of that investment28

• Since public investment in manufacturing has been stagnant, it is the private sector that has accounted for the bulk of the investment. But public sector manufacturing contributed a much greater increase in manufacturing output, particularly after 1996-97, than it did in investment. In other words, the mismatch between output growth and investment in manufacturing was that much greater for the private sector, with investment in that sector becoming privatized faster than its output.

Table 7.14: Growth of Gross Fixed Capital Formation in Registered Manufacturing and the Private Corporate Sector, and Increase in Net Fixed Capital Stock and NDP in Public Sector Manufacturing (All at 1993-94 prices)

Annual Rate of Growth in Gross Fixed Capital Percentage increase from 1993-94 to Formation 2001-02 (at 1993-94prices) Registered Private Public Sector Manufacturing

Manufacturin~ Corporate Sector 1990-91 to 1996-97 19.50 21.94 Net Domestic Product I 46.25 1996-97 to 2002-03 -6.06 -3.75 Net Fixed Capital Stock I 8.54 Source: CSO, Nat1onal Accounts Stat1st1cs, 200 I and 2004

27 The sharp rise in household sector fixed capital formation, ~hich. is the same as its savings in physical assets, has been accompanied by a dramatic rise in 'errors and omissions'. Shetty (2005) has argued that this indicates an overestimation of such saving. 28 Rajkumar (2003) had contended that private corporate investment figures in the National Accounts Statistics) have also been overestimated, and the gap between these and actuals has increased over the 1990s. This however only reinforces the conclusion of a sharp decline in investment from the mid-1990s, a result also derived by Rajkumar from his revised estimates.

314

On the other hand, the organized services sector that was dominated by the public

sector became increasingly privatized in terms of output, with private organized

services accounting for virtually the entire increase in its share in output. For the

private corporate sector, at the beginning of the 1990s, manufacturing had a much

greater significance relative to services than in the economy as a whole. Private

organized services output was less than half that of private organized manufacturing.

But over the period of liberalization, this has been completely reversed, and services

output has become one and half times that from manufacturing, a shrinking sector.

Table 7.15: Shares in NDP at Current Prices of Private Organized Sector: Aggregate, Manufacturing, and Services (Percentages)

Sector 1990-91 1993-94 1996-97 2001-02 Manufacturing 7.95 6.75 9.00 6.81 Services 3.01 4.43 5.94 10.35 Trade 0.49 0.72 1.48 2.89 Hotels and Restaurants 0.08 0.19 0.25 0.46 Banking and Insurance 0.72 1.00 1.37 2.09 Real Estate, DwellinKS & Business Services 0.04 0.33 0.50 1.51 Community, Social and Personal Services 1.30 1.87 2.07 3.14 Total Private Or2anized NDP 12.33 13.14 16.83 18.96

Source: CSO, National Accounts Statistics, 1993, 200 I and 2004

Thus the observed investment-growth asymmetry of the Indian economy was in the

main a reflection a far sharper asymmetry experienced by the private corporate sector.

This, the basis for the much hyped new and old economy divide, is the other side of

the growth of the private corporate sector under liberalization. Not only has growth

come from sectors other than where investment has gone, as Tables 7.16 and 7.17

indicate, the sectoral pattern of corporate profits has also changed in favour of

services, particularly from the second half of the 1990s as the profitability ratios of

manufacturing companies slipped and were surpassed by service companies.

Table 7.16: Shares of Manufacturing and Services in Operating Surplus of Private Organized Sector (Percentage)

Year Manufacturing Services Trade Transport, Financing, Community, Total

'~ Hotels and Storage & Insurance, Real Social and Restaurants Communication Estate & Business Personal

Services Services 1993-94 59.70 6.89 2.22 11.47 11.55 32.12 1996-97 61.33 9.16 1.82 11.20 8.82 31.01 1999-00 45.05 14.42 2.05 19.62 10.58 46.66 2001-02 39.15 17.68 1.22 22.27 11.44 52.61

Source: CSO, National Accounts Statistics, 200 I and 2004

Thus liberalization has confronted the private corporate sector with a unique situation

it has never before faced in its history. On the one side, it has been unable to find

adequate growth opportunities in that sector, namely manufacturing, which has been

the major sphere of its expansion for nearly a century and a half. Yet the private

corporate sector has seen after liberalization an expansion of a greater order than in

315

any previous phase of post-independence development, mainly through services. The

former constraint appears to be endemic to the Indian private corporate sector's

context under liberalization. Whether services can offer compensating growth

opportunities for the private corporate sector on an equally enduring basis remains to

be seen. Either way, a private corporate growth process based on the industrialization

of the Indian economy appears to be little more than a remote possibility in this new

phase of Indian capitalism characterized by a persistent gap between the investment

potential of the economy and actual investment.

Table 7.17: Selected Profitability Ratios ofCMIE Sample Companies

Manufacturing Companies 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98

OP/GSLS 8 7.3 8.1 9 8.8 7.2 6.8 PAT/GSLS 3 2.3 . 3.8 5.4 5.2 3.1 2.5

1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 OP/GSLS 6.3 5.4 5.2 4.8 4.8 6 PAT/GSLS 1.6 0.6 0.5 0.5 -0.1 1.7

Non-Financial Services Com >anies 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03

OP/GSLS 4.7 5.2 8 9.6 10.7 8.4 PAT/GSLS -0.3 0.3 4.5 6.1 7.6 4.1 Note: OP = Operatmg Profits, GSLS = Gross Sales, PAT= Profit After Tax Source: CMIE, Corporate Sector, 1998 and 2004. Figures for 1991-92 to 1997-98 and from 1997-98 to 2002-03 are for sample of companies in the 1998 and 2004 issues respectively.

VII.4.2 Financial Aspects of Private Corporate Investment under Liberalization

One of the notable features associated with the trends in private corporate investment is that it grew rapidly at a time when interest rates in the economy were going up, but subsequent to its collapse it did not recover in response to the downward drift in interest rates.

If the initial flush of liberalization induced a rapid growth of private corporate investment, it also created a conducive environment for the financing of this investment despite the rise in interest rates. The flow of finance to the private corporate sector was important because though private corporate savings showed an upward trend, that in investment was even greater so that till the mid-1990s, the gap was increasing as a proportion of GDP and declined sharply only thereafter.

Table 7.18: Gross Domestic Savings and Gross Capital Formation of the Private Corporate Sector at current prices (as percentage ofGDP at Market Prices)

1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 GDS 2.79 3.24 2.78 3.48 3.48 4.93 4.41 GCF 4.31 5.89 6.72 5.61 6.91 9.58 8.28 Gap (GCF-GDS) 1.52 2.64 3.94 2.14 3.43 4.65 3.87

1997-98 1998-99 1~99-00 2000-01 2001-02 2002-03 GDS 4.17 3.74 4.35 4.12 3.46 3.41 GCF 7.97 6.39 6.46 5.06 4.88 4.80 Gap (GCF-GDS) 3.80 2.65 2.11 0.94 1.42 1.39 .. . . Source: CSO, Nat1onal Accounts Stat1st1cs, 2001 and 2004 and EPW, National Accounts Stat1st1cs, 1950-51 to 1996-97

316

Corporate savings were boosted upwards by two factors in the early 1990s. One was

the increase in profits as a result of reduction in corporate taxes. The other factor was

the result of something that itself generated large quantities of finance for the private

corporate sector - the liberalization of capital issues. The freeing of controls on capital issues led to a boom in the capital market. Large equity issues with high premiums

were characteristic of the first half of the 1990s, and for the first time became

dominant over debenture issues. This was supported by a dramatic rise in share prices - the indices nearly quadrupled between 1991 and 1995. One of the contributory

factors to this was the surge of inflows via foreign institutional investors. Domestic

institutions like banks and other institutions also got involved in the equities market,

directly as well as indirectly. These factors cancelled out the temporary setback

caused by the stock market scam

Table 7.19: Capital Issues by Non-Government Companies (Amounts in Rs. Crores)

Period Ordinary Shares Preference Shares Debentures Total Number Amount Number Amount Number Amount Number Amount

1991-92 to 1996-97 6158 57298.8 28 358.7 681 40570.2 6867 98227.7 %to Total 58.33 0.37 41.30 100.00 1997-98 to 2002-03 332 10406 6 206.2 60 16080.9 398 26692.9 %to Total 38.98 0.77 60.24 100.00

Source: RBI, Handbook of Statistics on the Indian Economy, 2005

The capital market boom did not however last very long, and was eventually undone

by its own success. Between 1997-98 and 2002-03, non-government companies raised

through capital issues only a little over a quarter of what they had raised in the

previous six year period, and debentures once again came to dominate these issues.

The capital market boom actually started subsiding after 1994-95, the year in which

share prices and capital issues peaked. After that came a prolonged phase of a

downturn, with share prices not recovering till 1999-00 after which they again

slipped.

Figure 7.3: Movements of Share Price Indices, 1990-91 to 2002-03 (Annual Averages)

. ~, ~ ,:.: ~ ~~·~ •f~ .;or/ 500.00 :" :• ,, .

400.00 .+-~----~-------A~~~ ,• ., .

Source: RBI, Handbook of Statistics on the Indian Economy, 2005. The three indices have different base years but for the purpose of the graph all of them have been converted to the base 1990-91 =I 00. Compilation of the RBI National Index was discontinued after 1998-99.

317

The boom in the capital market had contributed to shifting the distribution of the financial asset portfolio of the household sector. There was a distinct increase in the share of equity securities as well as primary securities, bypassing the institutions/intermediaries. But financial sector reforms also resulted in the entry into the capital issues market institutions like banks that were not traditional issuers of capital. The Development ·Financial Institutions, cut off from their traditional sources of finance, also entered the capital market in a big way through the issues of bonds and debentures. Disinvestment of public sector undertakings also had the same impact.

But the consequence of all this was that an increasing supply of secunt1es accompanied the rising prices. In the deregulated capital markets, volatility too increased. These ultimately led to the collapse of the boom in the mid-nineties. Financial savings of the household sector ultimately reverted back, in the latter half of the nineties, to less risky instruments and the process of disintermediation was reversed. The Primary capital market moved away from public issues towards the more restrictive private placements, and away from the private sector towards the public sector29

.

In the post 1991 context, it was however not only domestic financial flows, but also foreign fin~ncial flows, which had a role in the financing of private corporate investment. Indian companies accessed foreign finance through Euro-Issues and there was an increased inflow of foreign direct investment too. From 1993-94 till 1997-98, four years when the gap between savings and capital formation of the private corporate sector was amongst the highest, these flows were a large percentage of private corporate capital formation.

Thus, as a result of the combination of the above factors, debt-equity ratios of manufacturing companies and the ratio of interest to gross value added actually initially declined during the first half of the 1990s, but this trend was reversed thereafter. Moreover, as the quantities of finance raised from the capital markets, domestic as well as external, declined, the limited finance was also increasingly monopolised by companies operating in the services sector. By the time interest rates started declining in the late 1990s, manufacturing price growth had also slowed down, which in combination with the general decline in. profitability," meant that the interest squeeze on profits continued30

• All that the decline in interest rates achieved was a prevention of an increase in its extent and that too because debt-equity ratios did not increase since investment had slowed down and was increasingly financed out of retained earnings. The overall extent of this was even greater than in manufacturing, reflecting the fact that the distribution of profits was moving away from manufacturing towards services31

•

29 RBI, Report on Currency and Finance, 1999. 30 It has been argued that real interest rates did in fact increase in the second half of the 1990s despite the decline in nominal rates [Ghosh, J.(2001)] 31 In the Information Technology industry for example, savings consistently exceeded increase in gross fixed assets, and by 2002-03 were nearly three times the latter.

318

Table 7.20: Gross Savings as a Percentage oflncrease in Gross Fixed Assets in CMIE Sample Companies, 1997-98 to 2002-03

Category 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 Manufacturing

39.75 38.11 59.24 79.49 64.62 125.20 Companies Private Sector non-

47.09 49.14 92.83 116.13 77.27 144.62 financial Companies

Source: CMIE, Corporate Sector, 2004.

It must however be stressed that while the flow of relatively cheaper external finance to the private corporate sector did decline in the second half of the 1990s, the problems of finance, at the aggregate level, were only a reflection of the demand constraint facing manufacturing. The large excess capacity in manufacturing that had emerged meant that a substantial potential for generation of internal resources remained unutilized. Therefore it was neither financial constraints, nor high interest rates, which were the fundamental reasons behind the slowdown of private corporate investment growth in the second half of the 1990s. Indeed, the argument about the "crowding out" of private corporate investment by large government borrowing would appear to be patently absurd in the context of the post-liberalization period. Rather the experience demonstrates that the fundamental reality of Indian capitalism, that private investment is exceptionally dependent on public expenditure, has not changed but rather become even more true.

VII.4.3 Foreign Trade and the Private Corporate Sector

Trade liberalization in India has resulted in an increase in both imports and exports to output in the economy, and much the same is true for the private corporate sector. For the private sector as a whole, it would appear that the relative significance of exports and imports that has resulted is roughly of a similar order.

Table 7.21: Ratio of Exports and Imports to Total Sales of Private Sector Companies in CMIE Sample (Percentages) .

I 1997-98 J 1998-99 t 1999-oo 1 2ooo-o1 J 2001-02 I 2002-03 Private Sector Companies

Exports/Sales I 13.19 I 13.28 I 13.05 I 14.76 I 15.22 I 16.89 Imports/Sales I 15.1 l 15.4 I 15.6 l 17.4 _L 17.1 I 17.4

Indian Private Sector .. Exports/Sales J 13.67 1. 13.99 r-,..-n<>4 I 15.48 I 15.84 I 17.68 Imports/Sales I 14.9 I 15.3 I 15.5 I 17.1 I 16.8 I 17.5

Foreign Private Sector Exports/Sales J 10.7 1 9.79 I 10.21 I 11.23 I 12.18 I 12.73 Imports/Sales I 15.6 I 16.4 I 16.3 I 19.3 J 18.9 I 16.9

Source: CMIE, Corporate Sector, 2004.

But this overall picture does not fully reveal everything because it hides the variations within the private corporate sector. One variation visible in the above table itself is that between Indian and foreign capital, the ratio being more tilted towards imports in the latter case. This relatively greater import-intensity of the foreign private sector is

also a reflection of the greater importance of capital goods imports in their investment. Moreover, the equity dividend payout ratios are also higher for foreign

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controlled firms, and the ratio of retained earnings to profits after tax also correspondingly lower. All of these are consistent with the reality that foreign capital presence in India is primarily focused on the domestic market and not for using India as a platform for production for the international market.

But even within the Indian private sector, there are major vanat10ns between manufacturing and services companies and within the former. As the table below shows, the relative exports to imports ratios in manufacturing and services are the opposite to each other. The import-intensities of sales in the two sectors are much closer to each other, while exports to sales ratios are much higher for services than in manufacturing.

Table 7.22: Ratio of Exports to Sales of Companies in CMIE Sample (Percentages)

I 1997-98 I 1998-99 I 1999-oo I 2ooo-o1 1 2oo1-o2 L 2002-03 Manufacturing Companies

Exports/Sales I 8.68 I 8.24 I 7.83 I 8.76 I 9.51 I 10.79 Imports/Sales I 18.1 I 16.8 I 18.1 I 18.6 I 17.6 L 17.7

Non-Financial Services Companies Exports/Sales I 19.62 I 17.88 I 20.32 I 25.33 I 20.27 I 20.65 Imports/Sales I 13.6 I 14.5 I 19.1 I 17.9 I 16.1 I 16.1

Information Technology Companies Exports/Sales I 54.34 I 64.67 I 62.45 I 69.47 I 73.91 I 77.72 Imports/Sales I 27.3 I 27.3 I 29.9 I 32.3 I 35.1 I 36.5

Source: CMIE, Corporate Sector, 2004.

Thus while export capacities are limited in manufacturing but much greater in services, import dependence is high across the board. The information technology industry, with an extremely high export orientation but also an above average import­intensity, is symptomatic of this reality. In services, it is mainly hotels and tourism and recreational services that have high export earnings and low imports.

The manufacturing sectors import-dependence; for both capital goods and raw materials, increased sharply in the first half of the 1990s, and has remained high thereafter.

Table 7.23: Import-Intensity of Raw Material Expenditure and Gross Fixed Investment of Manufacturing Companies in CMIE Samples (Percentages)

199'1-92 •·

1992-93 1993-94 1994-95 '1995-96 1996-97 1997-98 RMI/RME 9.03 11.27 11.69 14.41 15.56 15.56 16.23 CGIIIGFA 10.1 12.2 13.3 16.1 21.5 22.1 19.5

1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 RMI/RME 19.21 16.83 21.43 24.34 24.07 23.76 CGI/IGFA 19.9 22.6 18.8 17.5 12.4 24.4 RMIIE = Raw matenal Imports/ Expend1ture; CGI = Cap1tal Goods Imports; IGIFA = Increase in Gross Fixed Assets.

Source: CMI E, Cprporate Sector, 1998 and 2004.

The variations within manufacturing companies also reflect the. technological dependence of Indian capitalism and its limited international competitiveness. Within them, it is mainly those involved in traditional industries like cotton textiles, leather products, and Tea and Coffee, that are the ones which combine higher ratios of

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7

exports to sales with low ratios for imports. Among companies involved in non­traditional industries, only in a few sectors like drugs and pharmaceuticals can be found relatively higher export to import ratios. Chemical companies in general display relatively high proportion of raw-material imports and low export-ratios. Companies engaged in the production of machinery, electronics and consumer durables, tyres and tubes, and even. textiles, generally show high proportion of capital goods imports to increase in gross fixed assets.

VII.4.4 Internal Reorganization of the Private Corporate Sector

The period since the onset of liberalization has been one of great churning within the Indian private corporate sector. The new context initiated a process of reorganization and redistribution within that sector. The instability that this resulted in did not however completely cease after some initial adjustments to the new context. Rather, a heightened level of instability has come to characterize the private corporate sector, as firms have had to engage in an unceasing process of adaptation and adjustment. The driving forces behind this reorganization and instability have been the new competitive context emerging with liberalization, the changing pattern of private corporate activity, and the crisis of accumulation.

The new competitive context both enabled as well as necessitated strategic shifts by Indian and foreign capital alike, including with regard to the nature of the relationships between them. For both of them, and also for foreign firms that had not been earlier present in India, liberalization transformed in significant ways the set of strategic options that could be exercised, and also the means that could be used to give effect to them. The competitive context that had to be responded to was also radically transformed. But while this was true for both Indian and foreign capital, the

..

magnitude and the implications in the two cases were different.

India being its home and principal base was not only more important in the strategic calculations of Indian capital but for that very same reason the change in its strategic context was also more dramatic than for MNCs with global operations. Exposed to new competition and rivalry, Indian firms had to readjust their business portfolios by consolidating their 'core' businesses and exiting from others. But insofar as expansion was also necessary for survival, and the spectrum of expansion opportunities changed, Indian··-finns have also simultaneously ·shown a tendency towards entry into new businesses with many firms displaying both tendencies simultaneously32

•

For foreign capital on the other hand, the new reality was one in which their Indian operations, actual or potential, could no longer be simply a small and partially autonomous extension or replication of their global operations. Rather these operations could be and had to be more aligned with and integrated within their global strategies. MNC enterprises already present in India experienced this new reality in much the same way as did Indian capital as their Indian operations too were exposed to a new kind of competition. For those MNCs that did not have such prior presence,

32 The Tata group, which exited from the largest cement company, ACC, while expanding in big way in telecommunications, typifies this phenomenon.

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potential Indian operations entered into their strategic calculus in a different way than it had earlier.

But even as the strategic adjustments of Indian and foreign capital to the new context were unfolding, so too was the investment-growth asymmetry and the crisis .2f / accumulation. These brought to the fore the mismatch between the earlier strategic

Tecisions of many firms and the emergent reality. They not only compelled further strategic adaptation and revision, they also produced adverse and irreversible effects on some firms and their relative positions. This only set the stage for a further process of reorganization and the combination of both unstable growth as well as crisis have kept going the impetus for it. -The main mechanisms of this continuous reorganization process, proceeding at different paces at different times, have been domestic as well as cross-border investments and mergers and acquisitions, as well as the establishment and termination of joint ventures and strategic alliances between Indian firms and MNCs.

VII.4.5 The Concentration of Private Corporate Investment

One of the key features of private corporate investment since liberalization has been its heavy concentration. As in the 1980s, and perhaps even more so, the rapid growth of private corporate investment in the 1990s and that in the number of companies was unrelated. The high degree of concentration of private corporate investment can be demonstrated through Table 7.24 derived from the CMIE studies of the corporate sector.

Table 7.24: Indicators of the Concentration of Private Corporate Investment

Year No. of Pvt. %share ofCMIE Pvt Cos.in Decile 1 of Minimum Share of Cos. in Sample Cos. In: CMIE Sam~le Decile 1 Pvt. Cos. In: CMIE Total Non- GFCF of Lower Upper GFCFof GFCF of sample Govt. Cos. PCS Limit Limit CMIE PCS

(I) Sample Pvt Sector

(2) (3) (4) (5) Cos. (7) (6)

1991-92 2362 56.13 14 317 61.85 34.71 1992-93 2809 55.65 323 624 77.01 42.85 1993-94 3628 58.77 330 650 69.99 41.13 1994-95 4860 86.28 322 675· 60.68;:c .• , '"'''52.35 1995-96 6126 68.11 355 748 72.18 49.16 1996-97 6358 51.99 332 745 79.82 41.50 1997-98 5775 42.78 327 742 81.80 35.00

Source: CMIE, Corporate Sector, 1998 and NAS

The first two columns show that a few thousand companies in the CMIE samples, which were a small fraction of the total number of companies, accounted for a major part of the investment by the private corporate sector, more so in the high growth period than later. But even this does not capture the extent of this concentration, which is highlighted by the next four columns of the table. The CMIE studies, apart from aggregates on the basis of ownership, also give the increase in gross fixed assets by size deciles. But each decile includes both government and private sector

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companies and the break-up between the two is not provided. But the range within which the number of private sector companies in the first decile must lie can be derived by assuming that either all government companies in the entire sample, or none, belong to it. The upper and lower limits so derived of the number of private companies in decile 1 are given in columns 3 and 4. The corresponding minimum share of these companies in the total investment of the private sector companies in the sample is given in the next two columns. The upper limit to this share is however set by that of all the private sector companies in the sample.

The results clearly demonstrate that even within the companies in the CMIE samples, investment was highly concentrated in a few hundred companies that have set its tempo. The initial high growth of private corporate investment was clearly driven by these few companies whose share in the aggregate in that period was close to half, and if there has been a subsequent decline in that share it was the accompanied by the collapse of that growth.

There were good reasons why there should have been such a heavy concentration of private corporate investment in the period of rapid growth. For one, the factors inducing that investment were such that it made for large individual investments. Secondly, the developments in the financial sector had an asymmetric impact across firms with regard to the access to and costs of finance. The bias in this regard in favour of large domestic and foreign enterprises, whether the sources were institutional, capital issues, or foreign, was enhanced by financial sector liberalization.

Much of this highly concentrated investment, particularly in manufacturing, was undertaken by Indian (and NRI) enterprises. It is they who needed most and more quickly the protection from foreign competition and the deterrent to entry that large investments could afford. Indian capital's investments had to be unlike those for MNCs concentrated in India. Indian firms could also respond more promptly to the opportunities that the new context presented.

FDI inflows did of course take place, but not on a very large scale. Much of this inflow, it has been shown, was actually linked to merger and acquisition activity rather than fresh investmene3

. Moreover, a significant part of FDI inflows have been directed towards non-tradeables and services, so that the share of manufacturing investment in it has been less than that in Indiatrpnvate corporate investment34

. But cross border investments have not been limited to foreign investment inflows. Some Indian firms have also invested abroad, mainly in other Asian countries, to set up manufacturing facilities while the general trend was of setting up marketing subsidiaries in many countries.

· 33 K:umar N (2000b ). The estimate of this study was that 40% of FDI inflows into India have been related to mergers and acquisitions. The inflows excluding these between 1991 and 1999, represented just 9% of the total private corporate investment over the same period. 3~ Nearly 41% of total FDI inflows between August I 991 and November 2004 was in the, power and oil refinery, telecommunications, transportation, and other services sectors. Another 15% was in electrical equipments which includes computer software. Less than 8% went into the large metallurgical and chemical industries.

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Vll.4.6 Mergers and Acquisitions

The new context has induced a dramatic rise ·in merger and acquisition activity in the Indian private corporate sector that has been described as the first real wave of its kind in independent lndia35

• What has been distinctive is not the numbers of such deals but their magnitude and pattern. Mergers in the Indian context had previously been typically intra-group mergers. Though a large number of mergers even in the 1990s were of this kind, there were also many genuine acquisitions by MNCs and Indian enterprises, many of which were horizontal in nature. 36

• In industry after industry - polyester, aluminium, tyres, cement, pharmaceuticals, consumer electronics, non-durable consumer goods, paints, ceramics, batteries, etc. there have been such acquisitions. In fact, even some of the new areas of private sector entry, like telecommunications, have seen such horizontal acquisitions or alliances emerging within a short period. In addition there have been vertical acquisitions as well as some unrelated ones.

The climate for a high level of merger and acquisition activity in the Indian private corporate sector was created by a number of factors. In general, liberalization and the greater permissiveness in state policy allowed a greater scope for the predatory instincts of monopoly capital to express itself, but not all acquisitions have been hostile in nature. As Indian enterprises sought to exit from some businesses and consolidate their position in others, they created acquisition opportunities for others at one end while they sought out acquisitions at the other. Similar was the effect of some of the strategic shifts by MNCs that had already been operating in India. For MNCs seeking entry into India, acquisitions were a potential mode of entry, and in some cases selling off to them appeared a better option to existing Indian firms rather than an engagement in direct rivalry37

• The privatization of some public enterprises automatically implied acquisitions. In the manufacturing sector, the difficulties of the second half of the 1990s also gave a fillip to M & A activity. Some mergers between MNC affiliates were simply reflections of global centralization tendencies38

.

Another mode of acquisitions, or more precisely semi-acquisitions, has been associated with the termination of joint ventures between Indian and MNC firms, including long standing ones, by the buying out of the stake of one partner by the other. This phenomenoR;~·ways existent, has become more_ prominent after liberalization as in general the level of control being sought by MNCs m any collaboration with an Indian group or in an Indian affiliate increased39

•

As in the case of investment, Indian firms in terms of numbers have dominated merger and acquisition activity. MNC acquisitions have been a heterogeneous category. In many cases, MNCs simply increased their stakes in existing affiliates

'5 J Khanna ( 1999) '6 J Basant (2000). 37

The acquisition by Coca-Cola of the leading company in the soft-drinks industry is the prominent example of this kind. 38

For example, the merger of Ciba-Geigy and Sandoz to form Novartis, or that between Glaxo and Burroughs-Wellcome, the case ofWyeth-Lederle, or that ofCiariant India and Colour-Chem. 39 Basant (2000)

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already controlled by them as the pre-existing restraints through FERA on such stakes were liberalized40

• While there were also some fresh acquisitions, often by MNCs already present in India, there do not appear to have been too many significant cases of primarily Indian controlled firms being taken over by MNCs.41

• Most major acquisitions by MNCs have in fact involved the buying out of a joint-venture partner, or .the MNC becoming the dominant partner42

•

A study has shown the motives behind 256 mergers and acquisitions by MNCs in the 1990s43

• Not surprisingly, most of them (99%) were horizontal in nature. Only 30% of these were the basis for fresh entry by MNCs in India, and nearly half of these were in services (banking and financial services, advertising and market research, travel agencies, software, media and publishing, and telecom). 35% of them involved the buying out of a joint venture partner, and another 5% were cases of simply increasing stakes. II% of the cases were internal to MNCs and another I8% were of existing MNCs extending their scope of operation. The same study also pointed out that a large number of MNC acquisitions were of relatively smaller companies. This establishes that the bulk of the displacement of Indian big capital by MNCs has thus taken the form of the latter buying out their Indian joint-venture partners.

But acquisition activity involving MNCs and Indian big capital has no means been one sided in nature. Not all joint-ventures have ended with the MNC partner buying out of the Indian one. Some have been the other way around44

. If there have been acquisitions of Indian firms by MNCs, some MNC affiliates have also been acquired by Indian groups and Indian firms have also made foreign acquisitions45

• However, there is clearly an asymmetry between acquisitions by MNCs of Indian enterprises and those that are the other way around. The acquisition by an MNC, whether it takes the form of buying out an Indian partner or an outright acquisition of an Indian firm,

40 Examples are Sandvik Asia, Abbot Laboratories, Coates of India 41 The MNC most prominent in the acquisition game has been Unilever, through its subsidiary Hindustan Lever. HLL acquired Tomeo, Vashishti Detergents and Lakme from the Tata's, Kissan foods from the UB group, the tea plantations of Rosse! lndusrtries, the public sector Modem Foods, and in the ice-creams segment it acquired Cadbury's Dollops, Kwality and Milkfood. Apart from these, there are a few other major cases of outright acquisitions by MNCs like that of Parle beverages by Coke, Kelvinator India by Whirlpool, Maharaja International and the white-goods business of Voltas by Electrolux,an_g A§S)ndustries by Bayer. ··'-~""-··

<

42 Some prol:;'iJiler;t cases of this kind are those ofCummins India, Otis Elevator, Fuller-KCP, Albright & Wilson Chemicals, Honda Siel Power Products, Sulzer India, ITW Signode, Cabot India, South Asia Tyres, Good lass Nero lac Paints, Punjab Anand Lamp Industries, Greaves-Foseco, Escorts-Yamaha, and Escorts-JCB. 43 Based on RIS-ICDRC database in Kumar N (2000b) 44

Examples of such cases are the Kinetic group buying out Honda's stake in Kinetic Motor Co.; HCL buying out the joint-venture stake of Hewlett-Packard in HCL-Hewlett Packard; the Tata, Mafatlal, IFB and Somany groups doing the same in Tata-Unisys, NOCIL, IFB-Bosch, and Somany-Pilkington respectively; and the Murugappa group acquiring Chevron's stake in Coromandel Fertilisers. 45 The most prominent example of exit is the ending·by Alcan of its long innings in India, which began in the colonial period. Another prominent example is Union Carbide, but in its case, specific factors independent of liberalization also worked. Alcan's affiliate was acquired by the AV Birla group and that of Union Carbide by the Macneill and Magor group. One case that actually reflects both tendencies simultaneously is that of the Swedish MNC, Electrolux. Electrolux entered India in the early 1990s, acquired Maharaja White line, the Kelvinator brand, and the white goods business of Voltas. Eventually however it transferred its Indian business to the Videocon group.

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typically would signify the exit of the Indian firm from the relevant industry. The same however does not apply to similar acquisitions of mere affiliates of MNCs by

Indian firms. The latter kind of acquisition does not preclude the MNC from resuming operations at a later date or to use its operations in other countries to continue to be a

competitor. In fact, the difference is most stark in the case of termination of joint

ventures by the buying out of the partner. When an Indian partner is the one buying

out, the consequent acquisition may even contain an element of loss of the basis for

monopoly power (for example, when the acquisition results in the loss of a source of

future technological inflows), while its erstwhile partner can appear as a competitor

through an independent venture or a new joint-venture46•

VII.4. 7 The Pattern of Change

What then can one say, about the central tendencies of change in the private corporate

sector since the beginnings of liberalization? So far as one can make out on the basis

of the hitherto available evidence, there are four intersecting dominant tendencies that

are consistent with the logic of globalization and its specific implications for Indian

capitalism, but in relation to each of which there are also counter-tendencies at work.

The first tendency is towards increasingly oligopolistic of private enterprises. This

tendency operates through two main routes - concentrated horizontal expansion by

incumbent firms in industries through investments and acquisitions, and the

increasing penetration of some industries by foreign capital. Unlike in the past, when

the increasing overlap between monopoly capital and oligopolistic concentration had

mainly been the result of an increased relative significance of more concentrated

industries, it is increasing concentration of individual industries that has become a

significant tendency after liberalization. As the Indian market and economic space

have become less segregated from the international economy, the natural logic of

competition dictates that international firms and big domestic players should come to

dominate major industries.

Notwithstanding the limited extent of foreign direct investment is the second tendency

of an increasingly prominent presence of foreign capital in the Indian private

corporate sector. Partly the increased penetration of foreign capital has assumed the

form of entry by MNCs into sectors where they did not traditionally have a presence,

like cement. ·In industries that they have traditionally dominated in the food and

consumer products, speciality chemicals, and capital goods, industries, their

dominance has been maintained or reinforced. But more significant has been the

change in the character of many industries whereby MNC presence in them has

acquired a more dominant shape. This is most clearly expressed in industries like

automobiles, some segments of automobile components, consumer appliances

(particularly the higher end), soft-drinks, paints and varnishes, and some capital goods

industries, all of which have come to be dominated by foreign controlled firms.

Foreign firms, including through joint ventures, have also acquired an increasing

46 A case of this kind is the one involving the buying out of Honda's stake in the scooter manufacturing firm, Kinetic Honda, by the Kinetic group. Honda subsequently set up an independent venture that then went on to surpass the original joint-venture firm in sales.

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presence in the services sector, prominently in the business services, financial services, telecommunication, and electronic media sectors.

The· third major tendency is the increasing prominence of the services sector and of enterprises operating in it, in the upper rung of the corporate hierarchy. This is a new development in Indian capitalism that reflects the growth pattern under liberalization. The most important cases of emergence of new large enterprises, like Infosys, Satyam, and Bharti, have in fact been in the services sector. Major older groups like Tata, Birla, and Reliance, have also built up a substantial presence in services while service have catapulted relatively smaller older groups like Wipro into the big league.

Within the services sector, it is the information technology and telecommunications that have been the two most prominent non-financial services in this regard, though others like aviation and healthcare have been also expanding rapidly. The financial sector too has seen an increased presence of private players, though it still remains dominated by public sector institutions, and part of the private sector actually is the creation of the public sector.

While many services may show a lesser degree of concentration than in manufacturing, concentration is certainly inherent in telecommunications and also happens to characterize the software industry despite the presence of a number of firms in it47

• But it is not merely the concentration in these industries, but also the size attained by them relative to many manufacturing industries (in terms of sales) that has enabled very large operations by enterprises in them.

Table 7.25: Estimated Sales of Selected Industries, 2002-03 (Rs. Crores in Descending Order)

Industry Sales Textile Fabrics 155000 Iron and Steel (including Ferro Alloys) 71193 Telephone and Cellular Mobile Services 39259 Drugs and Pharmaceuticals 34000 Spun yam 32000 Software 26348 Cement 24500 Fertilizers 23701 Passenger Cars and Multi-Utility Vehicles 22633 "'-

Consumer Appliances* 17359 Man-Made Fibres (including Tyre Yam) 15851 Two and Three Wheelers 15599 Commercial Vehicles 11592 Automobile Tyres and Tubes 9574 *Television Receivers, Audio Equipment, Washing Machines, Vacuum Cleaners, Refrigerators, and Air-conditioning Equipment

Source: CMIE, Industry: Market Size and Market Shares, February 2005

47 Of the total sales estimated of the software industry comprising 654 software companies by the CMIE, the top five enterprises - Tata, Infosys, Wipro, Satyam and HCL - accounted for as much as 56.57%. [CMJE, Industry Market Size and Shares, February 2005].

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As Table 7.25 shows, the software and telecommunications industries together had by 2002-03 become nearly as large as the steel industry, and individually larger than most other manufacturing industries barring textiles. Moreover, unlike textiles with a large unorganized sector, and steel and telecommunications that still have a dominant public sector component, the software industry's sales are virtually entirely accounted for by private corporate firms.

Table 7.26: Sales and Market Shares of Selected Groups in Selected Industries, 2002-03 (Sales in Rs. Crores)

Group Product Sales Market Group Product Sales Market Share Share

Tata Soda Ash 577.44 31.46 Mahindra Tractors 1487.5 34.97 Steel 7013.12 11.18 LCVs 963.3 26.35 Comm Vehicles 5420 67.68 MUVs 1922 39.03 LCVs 1355 37.07 Total 4372.8 Passenger Cars 2168 12.08 Videocon Ref, WM,AC 1464.45 20.00 Watches 417.53 52.19 Audio Equipment 1038.74 56.41 Software 5279.28 20.04 TV Receivers 1677.02 20.58 Hotels & Rest 756.79 19.35 Total 4180.21 Telephone Comm 5160.03 15.37 Essar Sponge Iron 416.54 13.01 Cellular Mobile 851.46 14.94 Steel 3502.46 5.58 Total 28998.65 Shipping 479.74 6.32

AV Birla VSF 1751.85 98.93 Total 4398.74 VFY 814.28 74.15 OP Jindal Sponge Iron 391.31 12.22 Carbon Black 370.75 29.28 Steel 7472.25 11.91 Ammonia 1167.58 31.04 Total 7863.56 Urea 2353.97 17.06 I spat Sponge Iron 642.06 20.06 Cement* 7500 30 Pig Iron 865.87 28.37 Sponge Iron 453.18 14.16 Steel 2745.58 4.38 Aluminium 1085.17 24.46 Total 4253.51 Aluminium Prodts 2249.15 42.09 Hero Motorcycles 4862.9 44.17 Aluminium Foils 494.23 48.1 Cycles Bicycles 626.16 40.13 Copper & Prodts 3769.12 39.8 Shock Absorbers 410.46 35.16 Total 22009.28 Total 5899.52

Reliance PFY 2400 28.73 Bajaj Motorcycles 2608.2 23.69 PDF 2122.96 56.44 Scooters 749.6 36.72 Benzene 862 61.03 Three-Wheelers 1154.2 60.85 Xylenes 2359 78.73 Total 4512 LAB 880 46.3 Gujarat Cement 5272.16 21.51

Ambuja ·-.

Ethylene Glycol 1481 81.67 -PVC 2500 59.66 Shipping 899 11.84 Total 13503.96

Source: CMIE, Industry: Market Size and Market Shares, February 2005

Finally, there is the tendency of concentration within Indian capital at the top of the corporate hierarchy wherein a relatively small number of enterprises are acquiring an increasingly dominant position. This ·tendency might actually be referred to as a reinforcing of the pyramidal structure within the private corporate sector that has always existed, and which by the end ofthe 1980s had also come to be combined with higher levels of market domination being displayed by the bigger enterprises. One of the noticeable developments since liberalization has been that some of the largest

328

Indian business groups have been active in all the modes of expansion - be it the undertaking of large investments, major acquisitions, or diversification. Consequently, they have also made some of the biggest leaps along with new groups in services. The big three of Indian monopoly capital, the Reliance, Tata, and A V Birla, groups typify this phenomenon, but it is also visible in the case of other groups. Some sense of its consequences can be gauged from Table 7.26 that shows the sales and market shares of some of the largest Indian groups in some selected industries.

It is of course also true that some other older business groups have experienced relative decline but this can in fact get overemphasized if one restricts oneself to an impressionistic view. Similarly, there are cases of smaller groups having grown rapidly. But almost all the cases of the latter kind in manufacturing were those who were able to take advantage of the initial investment rush and expansion. The fortunes of some of them like the BPL and Usha groups have since taken a downturn, as has that of other groups that had grown in the 1980s. This instability within big capital in fact only emphasizes further the tendency towards a reinforcing of the leading position of a few, a position that is not merely based on size but is a result of a combination of size, spread, and market dominance. These have not only become more critical to survival and also afford a greater competitive leverage than in the past.

In the age of globalization, one of the yardsticks of success for a Third World capitalism has come to be its ability to be a favoured destination of foreign investment. This, along with the opening up of Third World economies to portfolio capital flows means that foreign capital acquires a greater leverage with Third World States. At the same time greater penetration of foreign capital is not an adequate indicator of success. Increased integration in tum also means that domestic capitalist enterprises that can succeed in that environment and be players in the global economy come to symbolize 'successful' integration. They too by virtue of being the instruments of such success, acquire increased leverage with the State·. This is the power that the core of corporate India, represented by a handful of dominant enterprises in manufacturing and services, has come to acquire with liberalization.

VII.S INDIAN MONOPOLY CAPITALISM AND GLOBALIZATION: A SUMMING UP

For a period spanning nearly one and a half centuries, from its birth with the beginnings of modem factory production in India till the advent of liberalization in the 1990s, Indian monopoly capital's development and advance had been intimately linked with the process of industrial expansion in India. During the course of this long journey, Indian capitalism never achieved the kind of industrial breakthrough that has historically, in each and every case, been the key to successful capitalist development. Indian ·capitalism's limited development over this period; during which many countries including in the Third World left it behind, kept it rooted in a peripheral position in the capitalist world order.

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For over 90 years, an overpowering 'foreign' presence inhibited Indian capital's progress. Colonial rule not only permitted only an extremely limited industrial development, it also served as the background for the dominant presence in Indian capitalism of an expatriate capital that narrowed the space available to Indian capital. Independence in 1947 liberated Indian capitalism from the most stifling effects of foreign domination and enabled it to carve out a relatively autonomous space for itself. With the state being a leading actor in the process, Indian capitalism then achieved a relatively more rapid and extensive industrialization over a period of four decades that was subject to the constraints imposed by, and influences of, global capitalism.

Liberalization, and the increased integration of Indian capitalism into the structure of global capitalism, took place in the background of the transformation of Indian capitalism through the process of post-independence industrialization. It gave Indian capitalism a relatively greater capacity to survive foreign competition than it had possessed at independence, and over a wide range of industries. At the same time, a freer access to international technology became an imperative for Indian capital, and even more so if such access had to also imply a greater exposure to international competition. Indian capitalism thus became more inclined towards shedding its relative autonomy and the 1991 foreign exchange crisis triggered the necessary changes in the Indian State's strategy of capitalist development.

But liberalization subjected the trajectory of Indian capitalism to an even greater influence of global capitalism. One of these key influences has been the one that operates through the medium of globalized finance. Like most States in the World, and more so Third World states that opened their economies to hot money flows, the Indian State's macroeconomic policies have been shackled in the period of liberalization. This has aggravated and reinforced the demand constraint in the Indian economy through a process of narrowing the width of the domestic market. This demand constraint has been more severe for manufactured products relative to services, with the latter actually experiencing fairly rapid growth of demand. At the same time, Indian capitalism is not historically in a favoured position to be a major location for production of manufactured products for the global market that itself suffers from demand constraints. Here too, the only significant niches in globalization's international division of labour that it has been able to take advantage of are in services. Consequently, it is not in manufacturing but in services that the greatest growth opportunities have arisen.

In such circumstances, the industrial breakthrough that has so far eluded Indian capitalism appears to have become even more unlikely. Industrial expansion and the imperatives that it created may have lain behind the internal impetuses in Indian capitalism towards liberalization. Manufacturing may have been the principal sphere of activity for the Indian monopoly capital that acquiesced in this process of liberalization. Manufacturing may also have been the initial major area of thrust by · Indian capital in the first flush of liberalization, in the form of heavy private investment- in that sector on a scale and at a pace of expansion unimaginable in the

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past. Manufactured exports may also have seen a relatively rapid growth in recent years. But it is a quiet, and perhaps even unconscious, abandonment of the in.dustrialization objective by Indian capitalism that may be the result of the crisis of accumulation that liberalization has given rise to.

This is not to say that Indian monopoly capital is exiting from manufacturing activity.

Much of the invested private corporate capital is still in the manufacturing sector and major Indian business enterprises are built around manufacturing activities. Indian manufacturing has also managed to hold its own against foreign competition at least in the domestic market, and Indian controlled firms do the significant part of this manufacturing production. In some industries, the scale of these Indian firms can compare with the largest in the world and this at least has been facilitated by

liberalization. Yet, the investment-growth asymmetry, the collapse of manufacturing investment since the mid-1990s, and the dramatic reversal of the relative positions of manufacturing and services in the distribution of organized private sector activity and

profits, are undeniable facts associated with the Indian liberalization experience. Indian monopoly capitalism is getting transformed in fundamental ways under the impetuses unleashed by liberalization, whose economic, political, and social

consequences cannot but be significant.

331

Appendices to Chapter 2

A.II.l. Methods of Identifying Group Compositions: Some Further Remarks on the Comparison of Hazari, MIC and ILPIC

It may be recalled that Hazari used two different boundaries of the firm, with the inner circle and outer circle together. constituting the complex. Hazari's complex represented a large catchment area within which any company in which a group had some involvement would tend to get included in either of the two circles, and individual companies could and did get included in more than one complex. The latter was however not possible with the MIC and ILPIC approaches.

If simultaneously applied, the ILPIC's method would tend to give rise to a group composition (inclusive of both first and second tiers) that would be a subset of Hazari's complex, intersecting the two circles. There was virtually nothing in the ILPIC approach that would result in the inclusion of a company within a group excluded from the Hazari complex for the group1

• The fact that Hazari did not adopt any fixed formula also meant that the chances of a company getting excluded from a group even when it was under its control was highly unlikely. But not all companies in a complex would be included in the ILPIC composition because of either of the following three reasons.

Firstly, because the company concerned, by the ILPIC's method belonged to another group. Secondly, because the shareholding of the group in the company concerned, even if existing, was not high enough to qualifY as per the ILPIC criteria of one-third of effective equity and other criteria did not yield conclusive evidence of the company being part of the group. Thirdly, The ILPIC method would make the inter-corporate investments of companies under joint-control part of only the controlling block of the group in which the company was included. Hazari's method on the other hand would up to a point also treat it as the controlling block of the other group, which would then tend to have a cumulative effect on the size of the complex2

.

The composition of any group by the MIC method would in tum tend to be a subset of the ILPIC first tier for the group, the second tier being automatically excluded. Clearly, as far as the first two criterion in the ILPIC method were concerned, the ILPIC approach paralleled that of the MIC. Barring minonamendments, this was also true of the fourth criteria. It was with regard to the third that a fundamental difference existed - with the MIC method requiring a much larger stake for inclusion of the company in the group. The other major areas of difference were with regard to the treatment of banking companies, companies under joint control, and subsidiaries of foreign companies. The ILPIC had a separate list of banks controlled by particular

1 Except that the group concerned added to the preliminary list of companies in answering the questionnaire, which was not part of Hazari's method since no opinion was sought from the group. 2 A fourth reason for exclusion by the ILPIC of companies in the Hazari complex in practice was the different treatment of the degree of proximity and cohesion or separateness between and within controlling authorities. Particularly in the outer circle, the possibility of a mere financial investment or an incidental indirect investment through a minority company being the basis for the improper inclusion of a company in a group was greater with Hazari's method.

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groups and included their holdings in non-banking companies as part of the group controlling -equity, but only in case of banks "where clear evidence of close affiliation with any one Large House was available ... "3

• It also did not accept the MIC view that subsidiaries of foreign companies should automatically be excluded from inclusion in an Indian House. All of these only meant that the ILPIC method would lead to additions in the list of companies derived from the MIC method. At the same time, all companies that would qualify for inclusion in one group by the MIC method would more or less automatically qualify for such inclusion in the first tier by the ILPIC method.

The differences between the three methods in practice with regard to companies where multiple controlling authorities were involved affected not only in which group the company would be placed, but also whether its placing when included in a group would be inside or outside the inner boundary. The example of Hukumchand Jute has been referred to earlier and these differences may be further illustrated with a series of examples.

• All the three studies noted that a combination of inter-connected companies, the ACC group, was under the joint control of different groups. The four groups were Killick, Shapporji, Tata, and Khatau. Each of these groups had a stake in the managing agency firm that managed ACC. Hazari noted that while the Khatau group's stake was the least in the managing agency company, and only 0.8% in the major company (Associated Cement Companies) in 1958, it was more active in the management of the companies than the senior partners4

• Three of these groups were in the list of groups studied by Hazari (Tata, Shapoorji, and Khatau) and he put these companies in the outer circle of each one of them. All the four groups were in the MIC and ILPIC lists but the ACC companies were not included in any of them. The MIC, and following it the ILPIC, categorized ACC as a distinct group. But it would be interesting to consider what would have been the case if either the ACC group of companies independently were below the threshold size, or if the other companies of each of the four groups controlling it together had a size below the threshold one. Logically in such cases either the ACC group of companies or one or more of the other groups should have been excluded from the MIC and. ILPIC lists of companies controlled by all large groups. The MIC and ILPIC methods avoided this consequence only because each of the size aggregates concerned was large enough. The special case of ACC highlights that there were indeed cases of companies that were more suitable candidates for being included in outer circles of groups rather than uniquely as part of any group or as a separate group.

• On the same grounds as in the case of ACC, Hazari placed the Scindia Steam group of companies (in whose control the Morarjee, Walchand, Kilachand, and Mafatlal groups participated), in the outer circle of both Walchand and Mafatlal. Hazari however noted that the Walchand group was not the dominant partner in

3 ILPIC Report, p. 17 4 Hazari ( 1966), p. 199

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management, though he was unable to explain why since it had always held the largest single block of equity in the company5

• He also observed that the Walchand involvement was receding while that of Mafatlal was more in the nature of a financial investment arising out of the merger of a Mafatlal company with Scindia Steam6

• The MIC and ILPIC treated Scindia Steam as a separate group with the ILPIC mentioning that the Walchand group had a substantial-interest in it. In this case however, the apparent coincidence of the Morarjee family group with the Scindia Steam group made it a slightly different case from ACC.

• Closer to the ACC case was that of a set of companies, the most important being Premier Automobiles, of the Aero-Auto or Premier-Auto complex. Hazari provided the information that there were three partners in the managing agency firm at the apex of this group of companies, the Walchand, Kilachand, and Khatau groups. He also noted that the Khatau group was a sleeping partner and its financial involvement had declined in the 1950s, and that the Walchand group was the dominant one in management though Kilachand was an equal financial partner7

• But these companies were part of the outer circle for both Walchand and Khatau. The MIC informed that the Kilachand group had also claimed these companies as part of their group, as did the ILPIC note the substantial interest of the Kilachand house. Both however included these companies in the Walchand group.

• Siemens Engineering was the classic case of joint control which in the MIC's framework would not get included in any group. In 1958, this company had along with a foreign partner (Siemens) holding a 45% stake, six Indian groups as partners8

• The largest stake amongst these was held by Khatau (10%) and the company was included by Hazari in the group's outer circle. It was also included in the outer circle of the only other group amongst the six partners that were in Hazari's list of groups, namely Kirloskar which had a very small holding9

• Apart from Khatau and Kirloskar, two of the other four partners were also amongst the MIC and ILPIC list of groups. The ILPIC however included the company in the Khatau first tier. Similarly, Cable Corporation of India, jointly promoted by Khatau and Thackersey along with Siemens and another foreign partner, was included by Hazari in the Khatau outer-circle and in the Khatau first tier by

:;-~-· ... ILPIC, but excluded altogether by the MIC.

• The Birla group was the group that according to Hazari had the largest number of sub-groups. Hazari mostly included companies that were apparently immediately controlled by these sub-groups in the Birla inner circle, reflected in the fact that the Birla outer circle was very small in comparison to its inner circle. However, three groups of such kind, G.D. Kothari, B Kanoria, and R.K. Kanoria, were separated from the Birla group and accorded the status of being separate groups

5 Hazari (1966), p. 202 6 Hazari ( 1966), p. 203, p. 208 7 Hazari (1966), p. 202-203 8 Hazari ( 1966), p. 20 I 9 Hazari ( 1966), p. 263

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by the MIC. The ILPIC left the last two as separate groups but included the G.D. Kothari group in the Birla second tier.

• Despite a reported division in the group in 1948, Hazari treated the Dalmia Sahu­Jain group as one on account of him not being able to find clear evidence of the severing of aJJ the inter-connections within the original group. The MIC, and foB owing it the ILPIC, divided it into four· separate groups - Sahu-Jain, R.K. Dalmia, Jai Dayal Dalmia, and Sriyans Prasad Jain.

A.II.2 On N.K. Chandra's Examination of the Empirical Significance of the Three Different Approaches to Determining Group Compositions

The argument that the ILPIC first and second tiers were in principle a subset of the Hazari complex, and the MIC group in turn a subset of the former, would appear to be contrary to the result derived by N.K. Chandra10

• We shall now try and identify why this is the case.

The procedure adopted by Chandra, in his examination of the differences between the three approaches, along with a comparison of the compositions they gave rise to with the ones based on MRTP criteria, was to classify the companies not common to the different lists into the foJJowing sub-groups:

(A) companies which are in Hazari, but not in the MIC; (B) companies which are in Hazari, but not in the ILPIC; (C) companies which are in the MIC, but not in Hazari; (D) companies which are in the ILPIC, but not in the MIC; (E) companies which are in the ILPIC, but not in Hazari; (F) companies which are in the ILPIC, but not in the MRTP; and (G) companies which are in the MRTP, but not in the ILPIC; -

We shall her~ not be concerned with the comparison ofthe MRTP criteria with that of the other studies, and shall therefore focus is on subgroups (A) to (E). In this regard,

Chandra further stated that:

"In order to avoid exaggerating the differences we have excluded all such companies: (i) for which no asset figures are given by the MIC or the ILPIC; (ii) which came into being or were acquired after 1958 or 1964 as the case may be; and (iii) which were excluded from the group between 1958 and 1966. Information on all these counts are provided in the ILPIC." 11

Thus it is clear that the attempt was made by Chandra to identify the group composition that would emerge from each of the methods for the common year 1958, using their actual identifications for 1958, 1964 and 1966 as the basis. Obviously the comparison had to be restricted to the twenty groups which were part of Hazari's study.

1° Chandra ( 1981/1979) 11 Chandra ( 1981 /1979) p. 341

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In two tables, Chandra presented the number of companies in each category as well as their assets in the year for which the relevant study provided data 12

• The relative magnitude of the assets of companies included by one study but excluded by the other to the total group assets was treated as one of the indicators, apart from the number of such companies, of the significance of their different approaches to determining group composition.

However, assets of companies in (A) and (B) could not be included since Hazari did not provide company-wise data. These two subgroups were found by Chandra to include 314 and 259 number of companies respectively which were termed by Chandra as Hazari's 'commissions' and he found them to be extremely significant. That there should be such companies should be expected from what has been discussed previously, but the important questions are - why were their numbers so large and to what was their quantitative significance for group sizes?

Subgroup D also not surprisingly contained 69 companies whose aggregate assets in 1966 were 2.2% of the total assets of the twenty groups as identified by the ILPIC. Thus the difference between the compositions derived by the MIC the ILPIC methods was not quantitatively that significant.

But completely contrary to expectations was the large number of companies in subgroups (C) and (E), whose relative share in the total assets of twenty groups was far greater than the companies in subgroup (D). 115 Companies in subgroup (C) accounted for 5% of the total assets of the twenty groups as determined by the MIC for 1964, while 170 companies in subgroup (E) accounted for 7.7% of the same as determined by the ILPIC for 1966. This suggested that Hazari's 'omissions' were also significant, and much more than that of the MIC in comparison to the ILPIC.

As far as the broad procedure adopted by him for examining the implications of the different approaches is concerned, Chandra can hardly be faulted. But his results were surprising despite the fact that he himself noted - "At a conceptual level the ILPIC approach is hardly different from that of Hazari"13

• But we shall try to demonstrate that perhaps the empirical consequences of differences between the three methods was large not despite their conceptual similarities, but rather that they were exaggerated by Chandra's exercise not fully taking into account their conceptual differences and the difference in the points of time to·whi·ch the three methods were applied.

Two initial sources of such exaggeration, but which were not so materially significant for the conclusions, may be pointed out at the beginning. The first is that the number of companies in each category that emerges from an independent examination of the relevant lists is sometimes at slight variance with Chandra's figures. The other problem is with regard to the exclusion of c_ompanies for which the MIC or the ILPIC did not provide any asset data. Such exclusion does reduce the number of companies in subgroups (C) and (E), but exaggerates the difference in the total number of

12 Chandra (1981 /1979), Tables 3 and 3A on pp. 344-345 and p. 346 respectively. 13 Chandra (1981/1979), p. 343

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companies identified by Hazari and the other two studies as belonging to a particular group. This is because while Chandra excluded such companies while determining the total number of companies identified as belonging to a particular group by the MIC and the ILPIC, the original number identified by Hazari for the same group was retained, even if the concerned companies were also in Hazari's list 14

• Similarly, the Hazari totals for companies included banking companies, but Chandra did not exclude these too even though he was comparing the group compositions of non-banking companies.

The more important problems were two that made for a large number of companies in subgroups (C) and (E) were the following.

Firstly, while the ILPIC did indicate if a company became part of a group, or ceased to be so, at some interim date between 1956 and 1966, it seems to have done so only in the cases where the particular company was in existence before the time it became part of the group or even after it ceased to be part of the group. It did not do the same where the company concerned was registered only at some interim date between 1956 and 196615

• Since this was however not clearly mentioned, Chandra perhaps inadvertently assumed that even such cases were indicated so that his subgroups (C) and (E) included companies which were registered between 1958 and 1966 and therefore could not possibly have been in Hazari's list (though his figures suggest that some but not all such cases were excluded).

Secondly, the comparison that Chandra made was between Hazari's inner circle list of companies with the MIC list and the ILPIC first tier lists. This was not inadvertent because Chandra did note that there existed an intersection between Hazari's inner circles and the ILPIC second-tier, and between the former's outer circles and latter's first tiers, and did accept that this made the difference between Hazari and the ILPIC less than his tables made them appear16

• He also noted that the quantitative significance of the ILPIC second tier was very small while that of Hazari's outer circle was not. But he did not carry through this to its logical conclusion. Since Hazari's method could not be really be separated from the concept of a complex consisting of an inner and outer-circle, a comparison of simply Hazari' s inner-circle with the ILPIC first tier or with the MIC could not have been the proper way of

14 For example, the original number of companies in ILPIC's list for the Birla first tier was 203. 9 out of these 203 companies that were also in Hazari's inner-circle for Birla were liquidated or amalgamated before 1966 so that there no asset figures for these were provided by the ILPIC. Additionally for four other companies also in Hazari's inner-circle, asset figures were unavailable and therefore not given by the ILPIC. The exclusion of these 13 companies would have contributed in part to the total for ILPIC being shown as 185 by Chandra. But in case of Hazari, the original total of 280 companies is shown rather than 267. 15 There is a reason why for the ILPIC in particular, knowing when the company became a part of a group was important in the former kind of instances but ·not in the latter. Since it was examifling whether Large Industrial Houses were able to comer a disproportionate share of industrial licenses, it was necessary to ensure that licenses granted to companies when they were not part of the group concerned were not treated as licenses secured by the group. But a company could obviously not secure a license before its date of registration so that if a company was part of a group from such registration itself it was not necessary to specifically note that it came into existence only after 1956. 16 Chandra, pp. 342-343

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determining Hazari's omissions.

Once the above two factors are taken into account to reconstruct Chandra's subgroup (E), the result is closer to what should be expected. The reconstruction involves first identifying all the companies in the ILPIC first-tier lists for twenty groups which could not be found in the corresponding Hazari inner circles. These then are divided into ·four categories: Category 1 - Companies that were included by Hazan in the· relevant group's outer circle; Category 2 - Companies that were registered in the period 1958 to 1966; Category 3 - Companies whose date of registration could not be identified; Category 4 - Companies which were in existence from before 1958. The results of this exercise are presented in table A.2.1, which also gives Chandra's own figures for his subgroup (E).

Table A.2.1: Number of Companies and Assets in 1966 of Categories 1 to 4 and Chandra's Subgroup (E) (Assets in Rs. Lakhs)

Cos. In All Cos. In Cos. In Cos. In Cos. In Cos. In Categories Category I Category 2 Category 3 Category 4 Chandra's

Sub roup E No. Assets No. Assets No. Assets No. Assets No. Assets No. Assets

Andrew Yule 2 150.23 I 53.53 0 0 0 0 I 96.7 I 150 Bangur 5 1281.55 0 0 3 1056.03 2 225.52 0 0 15 1155 Bird-Heilger 5 850.97 I 231.19 2 437.45 I 41.65 I 140.68 4 283 Birla 40 2548.95 2 528.89 24 1570.78 9 181.58 5 267.7 36 1854 Dalmia S- Jain 5 211.84 0 0 2 16.52 I 92.04 2 103.28 8 417 Jndra Singh 2 30.56 0 0 2 30.56 0 0 0 0 I 29 JK 6 358.16 2 328.45 2 12.83 I 15.32 I 1.56 5 345 Kasturbhai 7 425.99 0 0 5 377.82 2 48.17 0 0 8 308 Khatau 12 3088.82 4 2717.44 7 368.54 I 2.84 0 0 16 3027 Kirloskar 5 1018.33 0 0 5 1018.33 0 0 0 0 I 9 Mafatlal 6 2809.23 2 337.35 4 2471.88 0 0 0 0 4 337 Mahindra 8 1304.52 I 44.44 4 999.93 3 260.15 0 0 5 82 Martin Bum 3 296.18 0 0 3 296.18 0 0 0 0 4 147 Seshasayee 6 1075.17 0 0 3 948.95 3 126.22 0 0 2 94 Shapoorji 7 980.16 2 119.89 2 478.94 I 268.89 2 112.44 8 1064 Shri Ram 12 724.32 0 0 8 646.81 3 38.18 I 39.33 8 545 Tata 18 2390.01 4 857.1 6 I 143.13 7 389.77 I 0.01 13 1261 Thapar 10 1319.19 3 1100.27 5 171.82 2 47.1 0 0 16 1814 V. Ramakrishna 2 34.12 0 0 0 0 2 34.12 0 0 I 28 Walchand 13 3345.98 6 3211.08 5 134.14 2 0.76 0 0 14 3358 TOTAL 174 24244.28 28 9529.63 92 12180.q4 40 1772.31 14 761.7 170 16307 As % to all Categories 100.00 39.31 50.24 7.31 3.14 As % to Chandra's Subgroup E total 10.87 4.67 100.00

.. Note: For the meanmg of Categones I to 4, see text. For the purposes of thts table, for factlttatmg a comparison with Chandra's figures, his treatment of the Dalmia Sahu-Jain group has been followed, namely the equivalent of Hazari's Dalmia-Sahu Jain group has been taken to be the sum of the ILPIC's Sahu-Jain group and the two Dalmia groups.

Companies in the last category would be definitive omissions by Hazari provided the

ILPIC's inclusion of them for 1958 was vaFd. Further, in no case would Hazari's

ommissions exceed the sum of Categories 3 and 4. The table clearly shows that the

first two categories account for the bulk of the companies and assets. of all the

categories, that is 120 companies that accounted for nearly 90% of the assets of all

174 companies. Consequently the difference between the sum of categories 3 and 4

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and Chandra's own subgroup (E) is also large, with the former companies (54 in

number) having less than a sixth (15.54%) of the assets of 170 companies in the latter.

Seen in this way, Hazari's omissions are much less significant than suggested by

Chandra's calculations. Their share in the total assets of the twenty groups in 1966

would actually be a maximum of about 1.2% rather than the 7.7% figure given by

·Chandra. This order of difference should be considered as being within acceptable

limits given that the same individuals did not undertake the application of the two

methods. There would have been thus some differences in their interpretative

judgements and in the information base they worked with.

The differences between Hazari and the ILPIC were further exaggerated, and correspondingly that between the MIC and ILPIC narrowed down, by Chandra's not taking into account the following. While all the twenty groups studied by Hazari were there in one way or the other in the MIC's 75 groups and the ILPIC's 72/73 groups, not all of them were part of the Larger Industrial Houses whose compositions were examined afresh systematically by the ILPIC. In other words, for some of these groups the difference between the MIC and the ILPIC was bound to be narrow because the ILPIC retained basically the MIC composition and not because their approaches necessarily gave rise to similar compositions. At the same time, the difference between the ILPIC and Hazari for these groups reflected more the difference in the approaches'ofthe MIC and Hazari, rather than between the latter and the ILPIC. Of the 8 Hazari groups that were not part of the ILPIC's set of Larger Industrial Houses, 7 accounted for less than 5% of the assets of all companies in Chandra's subgroup (D), while the 12 Larger Industrial Houses accounted for 61.26%. The balance was due to the.remaining group, Khatau, and the difference between the ILPIC and MIC figure for assets in Khatau's case is accounted for entirely by a solitary company, Siemens Engineering. But as has been mentioned, this company was included in the Khatau outer circle by Hazari. Indeed a substantial part of the difference between the ILPIC and MIC is accounted for by companies excluded by the MIC lists but included by both Hazari (in the inner or outer circles) and the ILPIC in the corresponding groups. 22 companies of this kind had combined assets of Rs. 2958 lakhs in 1966, nearly 61% of the combined assets of all companies in Chandra's sub-group (D). Exclusion from this subgroup of companies regi:st~red from 1964 to 1966 would increase the weight of the Hazari companies that were excluded by the MIC and restored by the ILPIC in the difference between the latter two.

Turning now to subgroups (A) and (B), Chandra did indicate that the comparison of the Hazari inner circle with the ILPIC first tier also exaggerated Hazari's 'commissions'. But there were two other factors that also contributed to increasing the number of companies in subgroups (A) and (B). The first was the ignoring of the Sriyans Prasad Jain group in the MIC and ILPIC lists, one of the four splinter groups of Hazari's single Dalmia-Sahu Jain group. The second, similar to the first, was not taking into account the two Kanoria groups in the MIC and ILPIC lists which were treated as part of the Birla group by Hazari. Similarly, one additional company of the Birla inner circle, Hukumchand Jute, as mentioned earlier was included in the Goenka

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group by the ILPIC, explicitly mentioning however that the Birla group held a substantial stake. In addition, Hazari's lists of group companies included banking companies which were separately listed in the ILPIC along with their group affiliations. How taking these into account, along with necessary adjustments indicated earlier, makes the picture appear different from that in Chandra's table is shown in Table A.2.2 for the I2_Hazari groups that were amongst the ILPIC's Larger Industrial Houses. It shows that I I2 of the companies 243 companies in Chandra's subgroup B can be thus accounted for.

Table A.2.2: Hazari Inner-Circle Companies in ILPIC: 12 Larger Industrial Houses

Of those in (I), no. of cos. Included by ILPIC in:

I 2 3 4 5 6 7 8 Group No. of Cos. First Second Other Banks Total Cos. not No. of cos.

Included by Tier Tier Groups controlled (2 to accounted in Hazari in by Large 5) for(l Chandra's

Inner Circle Houses minus 6) subgroup B Andrew Yule 37 37 37 0 2 Bangur 100 82 82 18 20 Bird-Heilger 67 64 64 3 7 Birla 280 151 43 26 I 221 59 137 Dalmia Sahu Jain 99 56 3 59 40 51 Juggilal Kamlapat 52 42 3 I 46 6 13 Mafatlal 17 16 16 I 3 Martin Bum 19 19 19 0 0 Shri Ram 9 7 I 8 I 3 Tata 52 50 50 2 2 Thapar 42 40 I 41 I 5 Walchand 15 15 15 0 0 Total 789 579 47 26 6 658 131 243

Source: Computed from Hazari {1966) and JLPIC, Appendix. Col. 8 is from Chandra ( 1981 ), Table 3.

However, in terms of number of companies, there still remains a large ryumber of companies, I 3 I, that were included by Hazari but not by the ILPIC. The pattern also remains similar to that in Chandra's table with two groups, Birla and Dalmia Sahu­Jain, accounting for the major chunk of these, followed by Bangur and JK. For the remaining 8 groups, the figures are negligible. A perusal of the list of these 13 I companies provides a strong indication that a large number of them were perhaps attributable to the inclusion by Hazari of sub-groups, and some may even have been omissions on the ILPIC's part17

• But would the inclusion of such companies have lead to a significant exaggeration of the size of some groups as Chandra was inclined to suggest?

Chandra contended that Hazari was aware of the problems with his treatment of the Birla and Sahu-Jain groups. Hazari did specifically discuss these. two groups in an

17 The former is indicated by the names of many such companies containing names of families that were indicated by Hazari to have been sub-groups of the groups concerned, or the presence of individuals with the relevant surnames in the board of directors of the companies concerned. The latter is indicated by the indications about the extent of group shareholding in some companies in Hazari's discussion in the text of the Chapter discussing the group.

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Appendix to Chapter 2 of his book, but the arguments contained therein were according to Chandra not convincing for others.

In the case of the Dalmia-Sahu Jain group, there is indirect evidence that perhaps the number of companies was indeed exaggerated by the inclusion of companies that were immediately controlled by families who may have had historically close affinities to Dalrriia and Sahu-Jain families. One hardly finds any reference to these particular companies in Hazari's detailed discussions about the Dalmia-Sahu Jain group suggesting the absence of any direct connections between these companies and those controlled by the different factions of the core family. If internecine feuding wracked the core family itself, it is hard to imagine that the other families were part of a larger cohesive group. But, as indicated by the comparison of the estimates of Kothari and Hazari, the inclusion of additional companies did not appear to have had as significant an effect on the size of the group as would be suggested by their relative number. Kothari's approach being what it was, it is highly unlikely that his 23 companies would have included anything outside the set of companies controlled by the core family. This is also indicated by the facts provided in Hazari's appendix mentioned earlier.

In this appendix Hazari provided a list of 23 acknowledged Sahu-Jain companies, of which 18 were public non-banking companies in 1958. 17 of these were included in the Sahu-Jain list by ILPIC and the remaining one in that for Sriyans Prasad Jain. These 18 companies accounted for at least 71.98% of the gross capital stock of the 50 non-banking public companies included by Hazari in the inner-circle for Dalmia Sahu-Jain and at least 70.7% of the 96 total non-banking companies in the Hazari inner-circle for the group 18

• Note should also be made of the fact that there remained 38 companies in the inner-circle that were also include.d by ILPIC in one or the other of the four splinter groups including the entire component of the two Dalmia groups. Of these 38 companies, the ILPIC provided figures for the assets of 37 companies in 1966, as well as for 17 of the 18 companies in the acknowledged list. These show that the former 37 companies had assets in 1966 which were which were nearly 35% of the total for the 54 companies, or nearly 54% of the other 17 companies. If anything close to such ratios existed in 1958, it may be concluded that the 56 companies common to Hazari and the ILPIC lists accounted for the bulk of the size of the Dalmia Sahu-Jain inner circle -in 1958, and the inclusion of 40 additional companies did not exaggerate the figure too significantly.

But Chandra particularly stressed that Hazari exaggerated the size of the Birla group in 1958. He undertook an exercise whereby the estimated assets of Birla non-banking

18 The expression at least is being used on account of the fact that there were two banking companies in the list of 23 acknowledged Sahu Jain companies while there were three in the 53 inner--circle public companies. Thus, the gross capital stock of the 50 non-banking public companies and the 96 non­banking companies in all can be precisely calculated by deducting from the relevant totals the gross capital stock for 3 banking companies given by Hazari in the industrial break-up of gross capital stock. However, he did not give the division between the three banking companies. Deduction of the gross capital stock of three banking companies from those of the acknowledged companies would imply that one additional banking company's gross capital stock also gets excluded.

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public companies (based on the ILPIC composition) was put by him in 1958 to be Rs. 114.8 Crores, as against the figure of Rs. 164 crores derived from the Hazari composition19

• This, if correct, would be a gross overestimation of nearly 50%, particularly since the Birla group was the second largest group. But it is inconsistent with Hazari's comment that most of the sub-groups were by themselves very small,

and therefore it was unlikely that they could have accounted for assets of nearly Rs. 50 crores, more than the assets of any group barring the four largest.

Indeed a rereading of the information provided by Hazari in the very same appendix

indicates that in fact Chandra's estimate of the size of the Birla group in 1958 was much less than the correct figure. The appendix listed out a number of companies from the Birla inner circle that were divided up into 10 lists, A to J. List A consisted of companies that were acknowledged to be Birla companies in a Birla Centenary

Souvenir brought out in 1962, and the other lists were derived from the chain of interconnections which could be seen starting from the acknowledged companies, with some companies appearing in more than one list. Excluding double counting,

129 of these companies were non-banking public companies. These 129 companies had a gross capital stock of Rs. 133 crores as against the total of Rs. 143 crores for 180 non-banking public companies included by Hazari in the inner circle for Birla

(the 180 companies that had assets of Rs. 164 crores). In other words, the 129 companies accounted for over 93% of the gross capital stock of the 180 companies and over 89% of that for the 279 non-banking companies in all in the inner-circle.

Comparing the list of these 129 companies with the ILPIC list for Birla shows that as many as 113 of these were included by the ILPIC in the Birla first tier, and another 6

in the second tier. But one can do better than this with the lists. 83 companies were in 7 lists, each of which included no company that was not put in the Birla first tier by ILP !C. Hazari gave separate figures of the gross capital stock for each list, excluding double counting. It can thus be calculated that these 83 companies accounted for a gross capital stock of Rs. 123 crores, i.e. 86% of the gross capital stock for the 180 non-banking public companies and over 82% of those for the 279 total non-banking

inner-circle companies. If they had the same shares in assets as in gross capital stock (of public companies or all companies), these 83 companies alone would have had assets between Rs. 140 crores and Rs. 148 crores in 1958. Inclusive of the remaining

public companies, the actual value of assets would have been significantly higher than Chandra's estimated value. It would be therefore safe to say that the assets of the Birla group in 1958 based on the ILPIC first tier composition, excluding all subgroups,

would have varied from those based on Hazari's composition of the inner circle by a

maximum of 1 0%.

A.II.3. On MRTP Group Compositions

That there should be a large number of companies in Chandra's sub-group F, and ones

that had significant implications for sizes of groups, was only to be expected. The

19 Chandra (1981/1979), pp. 347-348

342

reasons why that should have been the case has been well known20• The MRTP Act

Criteria were firstly criteria for determining which companies had to be registered

under the Act and not for determining group compositions21• The responsibility for

registration was on the companies concerned, with provisions for dealing with cases

of default provided default was established. Individual company's were not registered

as constituents of a particular business group. Rather, a company could be registered

under the Act either as a single undertaking or as a constituent component of a group

of inter-connected undertakings (GICU). That is, an enterprise could be either an

individual company or a GICU. For determining inter-connections between

companies, the main provision was based on the control over a certain minimum

proportion of the equity or the same proportion of the total membership of the board

of directors. This proportion was one-third i_n the original Act and reduced to one­

fourth by the 1984 Amendment to the Act. This by itself was a far more restrictive

provision than those used by the ILPIC or Hazari, and even excluded some of the

other criteria used by the MIC.

An enterprise (a single company or a GICU) was required to be registered under the

Act either on basis of it qualifying on a size criterion or on a criterion determining

dominance in a particular line of activity. For the size criterion, the limit was put at

assets of Rs. 20 crores in the original Act and amended to Rs. 1 00 crores in 1984. In

other words, individual companies, or companies that were part of a GICU, with

assets of at least Rs. 20/Rs. 1 00 crores, were required to be registered.

Therefore, in the case of a business group or an industrial house, all the companies

under the control of the group at any point of time would be divided into the

following four categories:

a) Companies not registered under the MRTP Act. These included firstly companies

not required to be registered under the provisions of the Act. For example, before

the 1984 Amendment specifically included investment companies within the

category of 'undertakings', they did not come within the purview of the Act. In

addition, if a company individually did not have assets above the limit, or was not

part of a legally established GICU with combined assets above the limit, then it

would not be necessarily registered under the Act. Whether a combination of

companies was part of a GICU or not was always a legal question, subject to

interpretation and dispute. It was hard to establish unless voluntarily accepted,

when interconnections were not based on common shareholders. Even in the latter

case whether or not the holdings of different companies in one company could be

combined to determine the proportion of equity held by a common authority itself

depended on whether or not the different companies holding the shares, and those

in whom they were held, were taken to be parts of the same GICU.

2° Chalapati Rao ( 1985). 21 See Agarwal ( 1987) and Chalapati Rao ( 1985) for a detailed discussion on the registration criteria.

343

b) Companies registered as Single Large Undertakings. This category would include

the companies with individual assets above the limit but not having as per the Act

or not voluntarily accepting inter-connections with other companies.

c) Companies registered as constituent components ofGICUs. Companies belonging

to one group could be registered as more than one set of GICUs.

d) Companies (individually or as GICUs) registered simply as dominant

undertakings.

In other words, the existence of category a) meant that registrations under the Act did

not include all companies in a group, and even entire groups could possibly remain

outside the Act. The aggregates of all companies controlled by all large groups were

therefore inherently underestimated.

The division of the registered companies into three different categories in addition

meant that the number of groups whose companies were registered under the Act

tended to get inflated and their respective sizes underestimated. For purposes of

determining sizes of groups, official agencies simply ex post attached individual

registered companies to groups. No consistent or systematic method was followed in

this regard, and an individual 'group' could include anything between one GICU to a

number of different GICUs. A 'group' consequently did not always include all of

even the registered companies under a common control, but could be divided into

different groups and single undertakings. The group association of a company could

also be changed from time to time without there being any actual change of

controlling authority, particularly if the company concerned raised objections.

Sometimes, even the opposite happened, the original group association being retained

even when there was a change of controlling authority.

Registrations and de-registrations from the MRTP Act were also influenced by factors

other than changes in controlling authority. The changes in the size status of

individual companies, or of their pattern of shareholding, or of the legal provisions, or

the legal settlement of their interpretations, were some important ones of these factors.

It has for example been highlighted that even in cases of companies identified by the

ILPIC as belonging to particular groups that came to be registered, their registration

process under the MRTP Act stretched over a long time22. Among other things, the

lack of correlation between the time period of group control over any company and

the actual sequence of registrations and deregistrations resulting from MRTP criteria

thus meant that even the MRTP figures for different years were strictly speaking not

comparable. The amendments to the Act in 1984, ostensibly to reduce evasion, did not

solve these problems. Any amendments that had the effect of improving the Act's

coverage were nullified by other amendments like the increase in the asset limit

whose effect was the opposite.

22 Goyal 91979), Chalapati Rao ( 1985)

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A.II.4. Further Remarks On the Choice of Size Dimension and Determination of

Size Aggregates for the Private Corporate Sector by the Blowing Up Method

The premises for a proper determination of size aggregates for the private corporate

sector by the blowing-up method are that a correct estimate should be available for the

_ aggregate PUC of the private corporate sector, and that the ~elationship ~etween PUC _ and other size aggregates in any available sample should accurately reflect global

ratios. In the following two parts, we shall highlight some additional points and

evidence in support of what has been said in the main text of Chapter 2 with regard to

these.

A) It was mentioned in the chapter that DCA's estimates of paid-up capital for the

same year have been revised from time to time. Lags in information availability

and additional information being available from the quinquennial censuses of

companies conducted since 1970 were the causes of these revisions. The

following table, which shows the different estimates of paid-up capital of non­

government companies from 1971 to 1990 that have appeared in different issues

of the Annual Report on the Working and Administration of the Companies Act,

shows that widely varying figures can be found for every year. The ratio of the

highest figures to the lowest ones, ranges from 1.04 to as much as 1.43, and is on

an average higher for the 1980s than in the previous decade.

Table A.2.3: Alternative Estimates of Paid-Up Capital of Non-Government Companies in the Annual Reports on the Working and Administration of the Companies Act

Original Revised (Intermediate) Revised (Final) High/Low End March PUC ARNo. PUC ARNo. PUC ARNo. 1971 2349.10 20 2439.20 28 1.04 1972 2395.90 20 2571.70 28 1.07 1973 2458.90 20 2750.10 28 1.12 1974 2542.20 20 2985.90 28 1.17 1975 2630.10 20 3234.80 28 1.23 1976 2714.70 20 3319.40 24 3497.20 28 I 1.29 1977 3373.70 24 3705.20 28 1.10 1978 3496.70 24 4070.40 28 1.16 1979 3562.90 24 4260.00 28 1.20 1980 3658.30 24 4536.30 28 1.24 1981 4701.40 30 4914.10 35 1.05 1982 4961.00 30 5626.20 35 1.13 1983 5186.40 30 6321.40 35 1.22 1984 5451.10 30 6989.80 35 1.28 1985 5838.50 30 7639.40 33 8149.70 35 1.40 1986 6659.00 30 8596.40 33 9506.80 35 1.43 1987 9957.20 33 9957.20 34 11095.10 35 1.11 1988 11307.30 33 11307.30 34 12954.80 35 1.15 1989 11680.10 33 13670.60 34 15131.10 35 1.30 1990 14737.50 34 17192.70 35 1.17 Source: Annual Reports on the Workmg of the Compames Act, Company News and Notes, various issues.

The problem of different estimates of paid-up capital however did no.t originate in the

1970s. That it happened even before, though to a lesser degree, and that the different

345

studies on concentration in fact did not use the same DCA figures for paid-up capital, is shown in Table A.2.4 along with the final DCA figures for the relevant years.

Table A.2.4: Alternative Estimates of Paid-Up Capital Used

Study Category of Companies Reference Year Paid-Up Capital

Hazari (1966) Non-Government 1958-59 1086.0 Goyal (I 970) Non-Government 1958 1086.7 Chandra (I 98 I) Non-Government Non-Banking Non-Insurance 1958-59 1096.0 DCA (Final) Non-Government 31 March 1959 1086.7 MIC Non-Government Non-Banking 1962-63 1437.4 DCA (Final) Non-Government 31 March 1963 1470.3 MIC Non-Government Non-Banking 1963-64 1465.5 Goyal (I 979) Non-Government March 1964 1642.3 Chandra (I 98 I) Non-Government Non-Banking Non-Insurance 1963-64 1618.0 DCA (F;nal) Non-Government 31 March 1964 1640.0 Goyal (1 970) Non-Government 1966 1762.9 Goyal (I 979) Non-Government Dec. 1966 1700.9 Chandra ( 1981) Non-Government Non-Banking Non-Insurance 1965-66 1801.0 Chandra ( 198 I) Non-Government Non-Banking Non-Insurance 1966-67 2041.0 DCA (Final) Non-Government 31 March 1966 1878.4 DCA (Final) Non-Government 31 March 1967 2009.8 Goyal (I 979) Non-Government 1969 2259.4 Chandra (I 98 I) Non-Government Non-Banking Non-Insurance 1968-69 2248.0 DCA (Final) Non-Government 31 March 1969 2259.4 Goyal ( 1979) Non-Government 1975 2630.1 Chandra ( 198 I) Non-Government Non-Banking Non-Insurance 1974-75 2609.0 DCA (Final) Non-Government 31 March 1975 3234.8 Source: Hazan (1966), Goyal (1970, 1979), Chandra (1981/1979), Annual Reports on the Workmg of the Companies Act, Company News and Notes, various issues.

B) The difficulties in getting a sample that would reflect the global ratios of different size dimensions may first be highlighted through the following table, derived from the Census of Public Limited companies for 1980-81.

Table A.2.5: Ratios of Different Size Dimensions by Industrial Classification for Operating Public Limited Companies, 1980-81

No. of PUC As Ratio of PUC NFA/ Sales Income Industry Group Cos. Assets NFA Income Assets /NFA /Assets

Agr. and allied Activities 292 112.58 6.22 2.37 7.33 0.38 2.93 1.18 Mining & Quarrying 29 10.74 5.30 -·1.87 _,.. ·-6.18 0.35 3.04 1.17 Processing and Manufacture 2346 2640.44 7.18 2.51 9.45 0.35 3.62 1.32 Textiles 407 321.69 9.56 3.38 15.09 0.35 4.31 1.58 Aluminium 3 50.66 5.62 2.32 4.91 0.41 1.94 0.87 Engineering 780 841.27 7.38 2./6 9.81 0.29 4.34 1.33 Chemicals 387 678.45 5.82 2.27 7.21 0.39 2.99 1.24 Cement 18 81.29 6.20 2.69 6.14 0.43 2.20 0.99 Rubber and Rubber Products 39 81.79 7.50 2.74 9.34 0.37 3.34 1.25 Paper and Paper Products 89 139.42 6.52 3.64 4.67 0.56 1.23 0.72 Other Industries 700 306.76 10.71 5.08 12.84 0.47 2.37 1.20 Construction 40 23.56 14.90 3.1/ /0.16 0.21 2.78 0.68 Trading 303 74.89 /2.08 0.88 30.96 0.07 33.00 2.56 Financial and Investment 623 101.83 5.15 0.15 1.14 0.03 3.80 0.22

Source: Computed from Public Limited Companies in India, 1980-82, A Profile, RBI ( 1986)

346

It shows:

1. That there is no strict correlation between PUC and other size dimensions, visible

in the differences across industries. But it may also noted that the diversity of the

ratios between other size dimensions and PUC is not fully captured here because such

variations may exist between companies within the same industry, and these may in

fact be greater than those between industries.

2. That the ratios of other size dimensions to each other too show significant variations across different broad sectors, and this is where the differences between industries is relevant. It can be clearly seen that fixed assets to total assets is much higher for the commodity producing sectors than for trading and investment companies. On the other hand, sales to fixed assets or income to assets is much higher for trading companies than for manufacturing companies, and the latter is lowest for financial and investment companies. Even within the manufacturing sector, differences of a fairly high order can be observed in these ratios.

In circumstances where there are significant inter-industry and inter-company differences in the ratio of different size dimensions to PUC, constructing a representative sample is a perilous task. The RBI samples have been considered reasonably representative not because of the number of companies in them, which have always been a small fraction of the total number, but their paid-up capital coverage ratios. Because a relatively small number of companies' have accounted for a very large share of the aggregate paid-up capital of companies, the PUC share of companies in the RBI samples has been generally high. But the representativeness of a sample cannot be considered an increasing function of its PUC coverage ratio. All that can be said is that a sample with a significantly lower coverage ratio can show much greater deviation from the average than one with a high coverage ratio. Conversely, only when the sample is so large in terms of paid-up capital as to be approaching the population total would the scope for the actual aggregate varying from the estimated one be minimal. For public limited companies some such large "samples" in fact do exist in the occasional censuses of public limited companies that have been conducted by the RBI. The comparisons between these and the RBI samples, of which more than one for a single year are available, can be used to establish the lack of correlation between coverage ratio and representativeness of a sample.

Table A.2.6 shows the ratios of alternative possible size dimensions to PUC of non­financial public limited companies derived from the RBI studies for four years. In case of three of these years, an additional larger sample is available from the census. It can be seen from the table firstly that different samples for the same year with coverage ratios close to each other throw up different ratios of size aggregates to PUC. More than one figure can therefore be derived for each size aggregate from the RBI studies. But that each of these figures may be incorrect is indicated by the fact that the ratios of assets, gross fixed assets, sales and income, are lower in the census than in the samples, even though the latter would constitute a subset of the former

347

with a very high coverage ratio. But it is not even the case that the ratios move closer to the census figures as the coverage ratio increases. For example, in 1970-71 and 1980-81, the smaller samples show ratios of Net Fixed Assets to PUC that are closer to the census values than of the larger samples. The three 1988-89 samples also show a lack of correlation between coverage ratio and the movement of ratios of size aggregates to PUC.

Table A.2.6: Ratio of Size Dimension to Paid-Up Capital of Different Groups of Non­Financial Public Limited Companies: 1970-71, 1975-76, 1980-81 and 1988-89

RBI No. of PUC (Rs. Coverage Assets/ GFN NFN Sales/ Income/ Sample/Census Cos. Crores) Ratio(%) PUC PUC PUC PUC PUC

1970-71 Sample I 2251 1438.18 73.82 4.54 3.37 1.77 4.76 4.94 Sample 2 2400 1562.03 80.17 4.50 3.29 1.83 4.50 4.69 Sample 3 2251 1437.47 73.78 4.53 3.37 1.77 4.76 4.94 Sample 4 2400 1561.32 80.14 4.50 3.29 1.83 4.50 4.68 Census 4157 1772.00 90.95 4.35 3.20 1.78 4.29 4.46

1975-76 Sample I 2328 1914.02 71.54 6.05 4.23 2.19 6.97 7.28 Sample 2 2398 1913.20 71.51 5.94 4.12 2.20 6.86 7.17 Census 4425 2293.40 85.72 5.80 3.96 2.20 6.61 6.90

1980-81 Sample I 1720 2484.18 69.19 7.64 5.13 2.72 9.55 9.98 Sample 2 1651 2709.18 75.46 7.46 5.04 2.79 9.06 9.47 Census 3680 3117.47 86.83 7.42 4.88 2.74 9.28 9.70

1988-89 Sample I 1885 5797.40 49.24 12.11 6.76 4.28 11.87 12.48 Sample 2 1908 6094.30 51.76 11.55 8.15 4.99 11.17 I 1.75 Sample 3 2131 6704.80 56.95 10.81 7.58 4.71 10.26 10.81 For 1970-71, there were two studies each of Medium and Latge, and Small, non-fmanctal Public Limited Companies. Samples 1 to 4 represent the four combinations derived from them, each combining on.e sample of l\Iedium and Large Companies and one of Small Companies. In 1975-76, there was only one study of Small Public Limited Companies and two for l\fedium and Large Companies giving two samples. RBI studies on small public and private limited companies we:re not conducted after 1975-76 so the 1980-81 samples consist only of Medium and Large Companies. ;\(ter 1982-83, no separation was made in the RBI studies on the basis of size. The Coverage Ratio in each case indicates the share of the companies covered in the aggregate PUC of public limited companies, including fmancial and investment companies. Coverage ratios of non-fmancial public limited companies are therefore higher than those shown. Source: RBI, Private Corporate Business Sector in India, Selected Financial Statistics from 1950-51 to 1997-98 (All Industries), RBI (1973, 1974c, 1978a, 1978c, 1986)

If these difficulties exist with regard to non-financial public limited companies where the coverage ratios'ofthe samples are high, the iBelusion of financial and investment companies and non-financial private limited companies makes the task of deriving size aggregates even more complex. The size-dimension to PUC ratios for financial and investment companies are very different from non-financial companies and the samples of non-financial private limited companies have significantly lower coverage ratios than those of public limited companies.

The difficulties of deriving aggregates for private Jimited companies can be illustrated with the assistance of the following table. It firstly shows that in 1988-89 the relevant ratios for private limited companies vary between sample to sample to a much greater degree for private limited companies than public limited companies. The share of private limited companies in aggregate sales and assets would therefore vary

348

considerable depending on which combination of samples is used to arrive at these aggregates. One needs to only compare the two combinations - Sample 2 for Public Limited companies and Sample 4 of private limited companies, with Sample 4 of Public Limited companies and Sample 2 of private limited companies - to appreciate the degree of such variation. But that an even greater variation is possible can also be

illustrated.

Table A.2.7: Ratio of Assets and Sales to Paid-Up Capital in Different RBI s 1987 88 d 1988 89 ampJes, - an - . Year Public Limited Companies I Private Limited Companies

I I 2 I 3 I 4 I I I 2 I 3 I 4 Assets to PUC Ratio

1987-88 11.46 I 11.31 I 10.79 I I 13.44 1 10.94 I 8.27 I 1988-89 I 12.11 I 11.55 I 10.81 I I 11.77 I 8.90 I 8.38

Sales to PUC Ratio 1987-88 10.89 I 10.83 I 10.21 I I 19.85 I 14.15 I 9.96 I 1988-89 1 11.87 I 11.17 I 10.26 I I 15.74 l 10.88 I 9.65 Note: I = Sample for wh1ch term mal year of coverage was 1987-88; 2 and 3 = Samples covered in both 1987-88 and 1989; 4 = Sample for which first year of coverage was 1988-89. Source: RBI, Private Corporate Business Sector in India, Selected Financial Statistics from 1950-51 to 1997-98 (All Industries),

In the RBI studies a sample of a given set of companies, public or private, is retained for a few successive years, enabling us to know the trend over time of the ratios of

different size dimensions to PUC for these companies. An examination of the different samples shows that the ratios are invariably increasing over time for any given set of companies. This is true for both public and private limited companies. Now it can be seen that Sample 1 of public limited companies had ratios of assets and sales to PUC in 1987-88 which were similar to Sample 2 of Public limited companies. But Sample 1 of private limited companies had much higher ratios than the other two

samples. This means that if the samples whose terminal year was 1987-88 had been also retained, the variations in the samples for private limited companies would have been even greater - with the highest ratios being twice or more than twice that of the lowest.

The upshot of the discussion so far is that no estimate of size aggregates for the private corporate sector arrived at by the blowing up method are reli.able. There are of

course a number of different ways of blowing t!p2~, but for none is this statement~,

23 Since more than one sample exists for any category of companies in a year, any one sample or their average can be used for blowing up. Alternatively, since the finances of the companies common to two samples are also separately available, this may be used to enlarge the coverage ratio by combining the different samples into an adjusted sample [Roy Choudhary ( 1991) uses this method for public limited companies]. More than one method is also possible because there are samples for different kinds of companies, allowing for different aggregates depending on whether or not and how they are combined. One could for example simply take the sample of a single category that has the highest coverage ratio. Goyal (1979) used this kind of a procedure, blowing up from OJ]Iy the RBI sample for medium and large public limited companies. Alternatively, one could aggregate the samples of different categories of companies into one single sample and blow up on that basis. A third possibility is that one could blow up separately for different kinds of companies and then aggregate the separate estimates. This was the kind of procedure followed by Chandra, who estimated separately the assets of non-financial public and private limited companies, financial and investment companies, and branches of foreign companies (and added to their sum the assets of private general insurance companies for the period prior to

349

invalid. The chances of wide discrepancies between estimates for size aggregates by the blowing-up method and the actual figures have in fact increased over time. The rising trend of the ratio of different size dimensions to PUC for individual companies has been accompanied from the 1980s by declining coverage ratios of the RBI samples for public and private limited companies. This is on account of the rapid expansion of the private corporate sector since the early 1980s, particularly of private limited companies. Such a rapid expansion would mean that the proportion of younger companies in the total would have increased significantly, companies that should on an average be expected to have lower ratios of size dimensions to PUC than older companies. The RBI samples on the other hand would tend to be dominated by older companies in whom the effects of rising ratios would be the most. The gap between the sample and the actual ratios could thus have significantly widened.

In conclusion, we may note that the problems with estimates arrived at by blowing up from a sample, when it is to be used to measure an aggregate concentration ratio, acquires a particularly ironical character. Since the set of all large enterprises themselves constitute a potential sample with a high coverage, the share of large enterprises in any aggregate would be exactly equal to their share in PUC if that sample were to be used for blowing-up. If different concentration ratios are arrived at by using a different sample for determining the other size aggregates, to treat these ratios as more valid than the concentration ratio in PUC results in a contradictory position. It virtually amounts to saying that the set of large enterprises does not constitute a proper sample despite its high PUC coverage ratio while the other sample does precisely because of its high coverage ratio.

If we for example consider the year 1966, the ILPIC list of companies that were part of the 73 large industrial houses and the single large companies together accounted for 2196 of the total non-government companies. The combined PUC of these 2196 companies accounted for as much as 56.5% of the PUC of all non-government companies. On the other hand, the RBI studies for Medium and Large and Small Public Limited Companies, Financial and Investment Companies, and Medium and Large and Small non-financial private limited companies, for 1965-66 between themselves had a maximum coverage of 66.1% of the PUC of non-government companies. On the other side, the samples for each category with the least cove.E_age ratio together accounted for virtually exactly the same proportion of the PUC of all non-government companies, 56.4%, as large enterprises. In other words, the coverage ratios of the RBI samples were of similar magnitudes as the ratio of the PUC of companies belonging to large enterprises to aggregate PUC. It is also highly likely that there was a substantial overlap between the two sets of companies. Yet differences are observable between them with regard to the ratio of assets to PUC.

nationalization). For this procedure however, it is necessary to know the coverage ratio for each category of companies separately. The RBI studies do indicate coverage ratios but these are applicable only to the first year in which any particular sample is studied. But even the initial ratios may require modification on account of subsequent changes in estimates of PUC, but what these modifications need to be are not indicated anywhere.

350

Appendices to Chapter 3

A.III.l Construction of Sample and Sources of Financial Details

1. The sample of companies for Part 1: The sample of what eventually consisted of

8681 companies including 13 government companies was built up through a two step

process .. The initial set of companies were from a set of overlapping lists of

companies - i) Companies registered under the MRTP Act in 1990 taken from

Directory of MRTP Companies; ii) All Large-Sized Non-Government Companies

each with a paid-up capital of Rs. 50 lakhs or more as on 31 March 19901; iii)

Companies covered by the Bombay Stock-Exchange Official Directory, and those in

the Directories of the Calcutta and Madras Stock Exchanges; and iv) Companies

included in the Hazari, MIC and ILPIC lists which were still surviving in 1990. To

this initial set were added those companies to whom companies in the first set were

found to be connected.

2. Sources of Financial Data on Companies in the Sample: The financial details of

all companies in the sample - Paid-up capital, Net Fixed Assets, Total Assets, and

Income/Turnover - for the financial year ending in 1990 (or the closest to that which

was available), were taken from three sources. The financial details of Large-Sized

Non-Government Companies and of Government Companies available in the

Registrations and Liquidations of Joint-Stock Companies, 1991-92; The Directory of

Joint-Stock Companies, 1990; and the Stock Exchange Directories. None of these

sources however provided the income/turnover of private limited companies in the

sample.

For the composition of sales of Large Business enterprises and their market shares in

1989-90, the main source was the February 1991 issue of the periodic publication of

the Centre for Monitoring the Indian Economy (CMIE), Markets and Market Shares.

This document contained information on the sales figures in 1989-90 of individual

companies for 350 manufactured products. From this we took the figures of those

companies which were part of large enterprises according to our classification

(considering only those cases where an individual enterprise's sales in the industry

exceeded Rs. 1 0 crores ). After having classed them into different enterprises, we were

able to determine the respective sales and market shares in these 350 products for

individual enterprises.

The sales thus covered accounted for over 66% of the total income/turnover of large

enterprises in 1990. If we also take into account that income includes 'other income'

and that the CMIE figures are restricted to sales of manufactured products, it would

follow that the coverage ratio of manufacturing turnover of large enterprises would be

even greater. Thus, at least for manufacturing activities, the sample could be

considered representative. The same exercise also gave us the individual market

shares of 137 Indian/NRI monopoly enterprises an~ 43 MNCs in industries

accounting for 66.64% and 83.97% respectively . of the total turnover of these

1 Registrations and Liquidations of Joint Stock Companies, 1991-92

351

enterprises2• Further, these 137 Indian/NRI enterprises and 43 MNCs accounted for

93.9% and 83.97% of the turnover of all groups in their respective categories. The overall coverage therefore works out to 62.58% of the turnover of all large Indian/NRI enterprises and 70.77% of all MNCs.

However, it was found that for some major groups like TVS Iyengar, Ispat and Ranbaxy, incomplete coverage or dated information led to significant under-coverage of their turnovers. For the purpose of the discussion therefore, in such cases, and of those enterprises primarily engaged in non-manufacturing activities, wherever possible and necessary, we have supplemented the information derived from the sample with information from other sources on the products produced by major companies of individual enterprises.

A.III. 2 Calculation of Size Aggregates for the Private Corporate Sector:

In 1990, 2,02,128 joint-stock companies with a total paid-up capital of Rs. 64643.4 crores were registered under the Companies Act. Of these 2,00,968 companies with a total paid-up capital of Rs. 17192.7 crores were non-government companies. Some of these companies were of a special nature. These were either banking companies, large financial institutions of a public nature (e.g. ICICI), or companies affiliated to public sector banks (like SBI Capital Markets, Can bank Financial Services, etc.). 30 such companies were identified, and after excluding them, the remaining 2,00,938 companies with an aggregate paid-up capital of Rs. 16907.59 crores were taken to be the non-government companies that were part of the private corporate sector.

For estimating size aggregates other than Paid-Up Capital for these 2,00,938 companies, other than the usual samples derived from the RBI studies on company finances, the 7052 companies out of our sample of 8681 companies for whom financial details were available could also be potentially used for deriving blowing-up factors for assets, net fixed assets, or income. For 5520 of these 7052 companies, details of their paid-up capital, total assets, net fixed assets and income were available for the year ending in 1989 or 1990. For the remaining 1532 companies, income figures were unavailable, and that would be on account of they being private limited companies. These two sets of companies could thus serve as samples of public and private limited non-government companies froin which blowing-up factors could be derived. Their respective coverage ratios were also determinable by comparing their combined PUC's to the aggregates for private and public limited companies.

The RBI studies provided two sets of samples for non-financial public and private

limited companies, and financial and investment companies for the year 1989-90. One

of these (RBI Samples 1) was from the studies on all three sets of companies for

1989-90, which also gave their respective coverage ratios in that year3. The other

2 It should be noted that we have taken, in case of groups, group market shares rather than individual company shares. That is, if more than one company of the same group had sales of the same individual product, the combined sales of all such companies were used for determining the share in that product market of the enterprise. 3 The coverage ratio for non-financial public limited companies given in the RBI study on these companies requires a slight adjustment on account of the revision in estimates of PUC after the

352

(RBI Samples 2) was from the studies for 1990-91, which also provided the previous

year's financial details for the companies covered in these studies. The coverage ratio

for these companies in 1989-90 was easily calculable from those given in the studies

for 1989-90.

The ratio of different size dimensions to . PUC for the companies in the different

samples are presented below, as well as the coverage ratios in each category and in

the aggregate PUC. Quite clearly, there were significant differences in the ratios of

size dimensions to PUC in the three samples, even though the general pattern is

common. Not only were the ratios different in the two RBI samples, they were also

considerably higher on an average than in our sample.

Table A.3.1: Ratios of Different Size Dimensions to Paid-Up Capital in Different Samples of Non-Government Companies and their Coverage Ratios, 1989-90

Category of No. of PUC Coverage Ratio to Paid-Up Capital of: Companies Cos. (Rs. Crores) ratio Assets Net Fixed Income

Assets RBI Samples l

Non-Financial Pub Ltd. 1908 6703.40 52.10 12.59 5.12 12.99 Non-Financial Pvt Ltd 1079 222.23 7.00 9.73 2.82 13.09 Financial & Investment 506 344.65 34.85 8.61 1.62 1.51 TOTAL 3493 7270.28 43.00 12.31 4.89 12.45

RBI Samples 2 Non-Financial Pub Ltd. 2131 7364.20 57.24 11.75 4.79 12.03 Non-Financial Pvt Ltd 1096 252.49 7.95 9.37 2.93 12.19 Financial & Investment 411 307.92 31.14 8.93 1.67 1.56 TOTAL 3638 7924.61 46.87 11.56 4.61 11.63

Our Samples Public Ltd. 5520 12580.22 94.68 10.05 4.11 10.56 Private Ltd. 1532 464.35 12.83 9.17 2.19 TOTAL 7052 13044.57 77.15 10.01 4.04

Source: See Text

The estimates of aggregates for the three size dimensions derived from each of the

three sets of samples, and in each case derived by two different methods, are

presented below. The fi·~st method involves deriving the aggregates by first combining

the samples of the different ,kinds of companies into one sample and deducing the

blowing up factors from that combined sample and its coverage ratio. The second

method used was one where the size aggregates for each category of companies was

separately derived from their respective samples and coverage ratios and then

aggregated. These gave six set of estimates, with the second method giving lower

values for each of the three sets of samples. There is of course only one figure for

income that can be derived from our samples, based on the ratio of PUC of public

limited companies in the sample to the aggregate PUC of Non-government

companies.

publication of the study. This adjustment is determinable from the coverage ratios for non-financial private limited companies and financial and investment companies since they were based on the revised estimates of PUC, the relevant studies appearing later.

353

Table A.3.Z: Alternative Estimates ol :SIZe Aggregates ot Non­Government Companies, 1989-90 (Rs. Crores)

Basis I Assets I Net Fixed Assets I Based on RBI Samples I

Combined Sample I 208123.70 l 82621.58 I Separate Samples I 201323.65 l 76464.16 I

Based on RBI Samples 2 Combined Sample I 195493.83 I 77976.07 I Separate Samples I 189734.96 l 72616.02 I

Based on Our Samples Combined Sample I 169311.94 I 68296.39 I Separate Samples I 166665.46 I 62510.03 I

Income

210550.64 210248.65

196613.22 195034.53

178585.80 178585.80

Quite clearly our sample of public limited companies had virtual census-like coverage

of this category. This serves to establish pretty conclusively that at least for public

limited companies the estimates derived from the RBI samples grossly overestimated

all three size aggregates and were therefore inappropriate. Even in the case of private

limited companies, our sample had a higher coverage ratio, but in this case without

any decisive advantage over the RBI samples. But our combined sample, which had

an overall coverage ratio of 77.15%, nevertheless offered the best possible basis for

determining the aggregates for net fixed assets and assets. Since the blow-up factors

were higher in our sample for public limited companies, the use of the combined

sample in effect raised the average blow-up factors for private limited companies too,

and in fact above the average levels for non-financial private limited and financial and

investment companies. Thus the chances of under~stimation of aggregates for private

limited companies were reduced.

In the case of income, our combined sample of course cannot be used to arrive at the

aggregate for all non-government companies. But this is not a problem because we in

fact do not need that aggregate. For any category of companies, those whose income

figures would be available would be a sub-set of our sample of public limited

companies. In order to determine their share in the size aggregates therefore, we need

in fact estimates not for all non-government companies but only public limited ones.

This is easily determinable fairly accurately from our san1ple. In addition, there were -:.--

13 government companies with private participation in control, which too are

members of certain categories, and therefore should be included in our aggregates.

The final aggregates for the private corporate sector after making these adjustments

are the ones given in Table 3.1 in the chapter.4•

4 The substantive case for the use of these aggregates having been made, a supplementary point may also be considered. This is that when determining the share of any specific category of companies in the total for non-government companies, we do not make any estimations of the different size dimensions of companies in that category for whom these were unavailable. The inherent underestimation of share of a particular category in the total that this introduces is likely to be also less with the use of aggregates derived from our samples compared to estimates generated by the RBI samples.

354

A. III. 3: Classification of Companies by Controlling Authorities

The identification of common controlling authorities over companies was arrived at

on the basis of information on inter-connections between companies culled from a

variety of sources. A useful starting point was the Directory of Companies registered

under the MRTP Act in 1990. Interestingly, amongst the .groups so identified by the

Directory, there were groups with combined assets less than the asset limit specified

by the Act. In other words, both large and small groups appeared in the directory.

However, the Directory could by no means be considered adequate for generating

information on inter-connections between companies. There were obvious problems

of coverage of groups, as well as companies that were part of groups. There were only

1834 companies registered under the Act in 1990. That the coverage of small groups

would be limited was obvious since such coverage was only by default, probably a

result of some companies registered earlier when the asset limit was lower not having

been subsequently de-registered. But even in the case of larger groups, there appeared

to be many which had no companies registered under the Act5• In the case of groups

that had, some important companies were not registered under the Act. Even in the

case of companies that were registered, their connections were sometimes missed

out6• In some cases the group affiliation of companies registered under the Act also

appeared to be dated 7•

The limitations of the 1990 MRTP Directory were sharply emphasized, as well as

overcome to a great extent, by supplementing and amending the information drawn

from it with that from other sources. Partly it was possible to somewhat extend the

information available from MRTP registrations by using the Directories of MRTP

companies for previous years. This provided some information on companies that had

been de-registered by 1990, and in some cases of entire groups. The information

available in the Directories/Year-Books of the Bombay, Calcutta, and Madras Stock

Exchanges was also utilized. Apart from giving the Directors of Companies, these

sources also contained brief company history's and often highlighted important

shareholders and sometimes even group affiliations. Similar information was also

drawn from other such sources8• Articles and advertisements in magazines and

newspapers, books and articl~;,-on Indian business groups, teiephone directories, and

addresses of companies available in the Directory of Joint-Stock Companies also

provided helpful information or indications. Another method of identifying inter-

5 For example, the OP Jindal group and the Videocon group had no companies registered under the Act. 6 For example, the companies belonging to the single Tata group were classified under three groups -Tata, Rallis, and Tata Tea, and there was a fourth group, ACC, in which the Tata's held the major stake. Similarly, Century Enka, a large company of the Birla group was not classified as belonging to that group, but as a single large undertaking. 7 For example, Nuddea Mills Company was shown to be part of the Macneill and Magor group though it had ceased to be part of it. Similarly, Cawnpore Sugar Works was shown to be belonging to the Soorajmull Nagannull group though it was actually under Government control. 8 Kothari's Industrial Guide and Yearbook, IRIS, NSE, etc.

355

connections that was used was the records of government approvals for inter­

corporate investments under the Companies Act regularly published in the

Department of Company Affairs journal, Company News and Notes. All such

approvals from 1980 to 1990 were examined. The list of companies under the control

of different groups generated by the earlier studies was also utilized, by cross­

checkin-g them against the available evidence pertaining to the relevant year. For

example, the composition of the Board of Directors of such a company could often be

used to determine whether or not it remained under the control of the same group.

Only in a few cases was it possible to determine inter-connections of companies on

the basis of information pertaining to their shareholding and their investments derived

from the Annual Returns submitted by them to the Registrar of Companies.

Not all the information compiled from. these different sources that was relevant to

identifying the controlling authorities of companies pertained to the exact year 1990.

In some instances it was for an earlier year, and in other instances for a later one.

Attempts were made to ascertain their validity for 1990, but that had an obvious

limitation since it had to rely largely on the same information base. Yet, the nature of

the sources was also such that major instances of changes in controlling authorities

would also tend to show up, and necessary adjustments were made when they did.

Ultimately then, the available information for different years was treated as adequate

for determining the controlling authorities of companies in 1990 on two assumptions.

The first was a general one that changes in controlling authorities would not have

occurred in the space of a few years in a very large proportion of the number of

companies being considered. The second was that the detected cases of changes in

control would be a fair proportion of the actual number.

Finally, in the case of joint-control of companies by more than one controlling authority, where these controlling authorities also had an independent presence in the non-government corporate sector, these companies were treated as part of the group apparently holding the major part of the controlling stake. In other cases, since these companies under joint-control could be only directly linked to non-government companies controlled by one of the partners, they were included in the group to which these other companies belonged.

A.III. 4: Determination of Age-Composition of Enterprises

The year of origin of any enterprise could be treated to be the year of incorporation of

the first company that initiated its history in India9. But since any such enterprise in

1990 would consist of a combination involving specific companies and a specific

controlling authority, the year of origin could be identified in two different ways- the

year of incorporation of the oldest company in the group; or the year when the

specific controlling authority first controlled a company. When a group consists of

9 In case of some enterprises, there was a prior history of undertakung business through proprietorship/partnership firms. In cases where information was available about the year of origin of the firm, that has been taken as also the year of origin only if the firm undertook production activities.

356

acquired companies, the two need not be the same necessitating a choice between

them. Moreover, there was always the possibility that there were other companies not

part of a group in 1990, or which ceased to exist because of amalgamations or

liquidations, but which were part of the history an enterprise and were older than the

ones which were part of the group in 1990. In addition, it was necessary to take into

· account the fact that many sterling companies originating as far back ·as the nineteenth

century were converted into Indian companies after the enactment of the FERA, so

that their year of registration was altered to typically 1977 or thereabouts.

Since our interest was in identifying the period in which an enterprise originated, and not in arriving at a precise year of origin, in many case the difficulties posed by the above problems automatically resolved themselves by the different possible years of origin falling in the same period. In other cases where acquisitions resulted in there being two substantially different periods of origin, an attempt was made to base the choice on which of these played the more significant role in determining the status and size of the enterprise in 1990 and in giving that enterprise a cohesive character. In cases where older companies were no longer part of the group, or of sterling companies being converted into Indian ones, necessary adjustments were made wherever information was available. But in general the principle followed was that we took the year of origin of an enterprise was taken to be the year of registration - of the company if the enterprise existed in the form of a single company, or of the oldest company of all companies within the unified group in 1990. The gaps in the information available naturally tended to create a bias towards reducing the average age of individual enterprises, but this only reinforced the conclusions that emerged.

A.III.S Sources of Information on Foreign Shareholding in Companies

For 844 companies, as mentioned in the chapter, extent of foreign shareholding was available from the shareholding pattern given in the Bombay Stock Exchange Official Directory. The Registrations and Liquidations of Joint-Stock Companies, 1991-92 had a list of foreign subsidiaries along with information on their paid-up capital and foreign sbareholding. The Stock-Exchange Directories, in some cases where the detailed shareholding pattern was not provided, did indicate the extent of foreign shareholding especially of foreign collaborators or parent firms. These were supplemented by similar information culled from newspaper and magazine articles.

A.III.6: List of the 509 Sample Enterprises

This is provided in Table A.3.3, along with financial and other details of the groups/individual companies. [Under Category (refer chapter), A** indicates that the enterprise was included in MICIILPIC lists of large enterprises but does not figure amongst the 210 large enterprises in 1990. F** indicates other companies not amongst large enterprises].

A.III.7 Companies Belonging to Large Groups in 1990

These are listed in Table A.3.4 for Large enterprises consisting of more than one company

357

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

1

2

3 4

5 6

7

8

9

GROUP/COMPANY

20TH CENTURY FINANCE CORPN.L TO

ABOTT LABORATORIES (INDIA) LTD

ABRAHAM

ASS PLASTICS L TD.(RS AGARWAL)

AEGIS CHEMICALS INDUSTRIES L TD(CHANDARIA)

AGFA GEVART INDIA L TO

AH BHIWANDIWALA (SHETH)

ALFA-LAVAL

ALL SEASONS FOODS L TD(MASAND)

ALLANA

1 ALLIED STEEL(SB GOENKA)

10

1

12

13

14

AMAR DYE-CHEM(DOSHI)

AMBUJA (VIJAY KR. GUPTA)

AMFORGE (MAKAR)

5 AMIN

6 AMRIT BANASPATI

7 ANAND

8 ANANT RAJ(SARIN/BHASIN)

9 ANDHRA SUGARS 1

2

2

2

2

2

2

2

2

2

2

3

3

0 ANSAL

1 APAR

2 APEEJAY

3 APPLE INDUSTRIES(NISHAR)

4 ARLABS L TO.

5 ARUNA SUGARS(P MARUTHI PILLAI)

6 ARUNODA Y MILLS L TO.

7 ARYA

8 ASAHI

9 ASEA BROWN BOVERI

0 ASHOK LEYLAND

w V1 00

1 ASIAN PAINTS

Period of Origin

Up to 1950

1966-80

1966-80

1951-65

Up to 1950

Up to 1950

Up to 1950

1981-90

Up to 1950

1951-65

1951-65

1981-90

1966-80

Up to 1950

Up to 1950

1951-65

1966-80

Up to 1950

1966-80

1951-65

Up to 1950

1981-90

1951-65

1951-65

~966-80

1951-65

Up to 1950

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

1 1 8.88

1 1 2.25

5 5 6.74

1 1 3.67

1 1 2.81

1 1 0.72

14 7 71.40

2 2 7.82

1 1 10.29

13 9 6.21

3 3 1.07

2 2 4.72

6 3 6.17

2 2 7.72

15 12 11.48

8 8 12.64

6 6 6.77

3 3 6.80

7 7 18.07

6 6 3.41

2 1 0.57

38 29 11.00

6 1 6.34

1 1 0.99

2 2 2.50

1 1 0.70

15 10 20.53

2 2 5.07

4 4 11.95

4 4 40.17

6 5 20.58

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

151.60 70.48 .332.22 F Indian-Family

20.00 15.79 31.56 F ** Foreign-MNC

82.53 35.83 65.00 F ** Indian-Family

34.75 18.43 36.58 F ** Indian-Family

45.00 31.07 35.99 F ** Foreign-NRI

12.52 0.69 34.08 F ** Iridian-Family

411.16 300.40 253.92 A Indian-Family

76.06 17.50 93.76 F ** Foreign-MNC

39.82 12.51 32.86 F ** Indian-Family

66.54 26.19 122.92 c Indian-Family

16.41 5.90 42.53 F ** Iridian-Family

52.02 22.70 71.12 F ** Indian-Family

28.72 5.70 50.00 F ** Indian-Family

55.00 28.30 60.11 F ** Indian-Family

186.86 64.10 216.55 A Indian-Family

107.74 50.57 310.30 D Indian-Family

64.00 21.67 95.85 F ** Iridian-Family

22.32 17.32 2.31 F ** Foreign-NRI

166.39 48.65 109.63 c Indian-Family

199.99 17.10 59.18 F lndian-F amily

32.50 11.78 73.62 F ** Indian-Family

372.63 214.61 212.31 8 Indian-Family

55.75 28.95 21.12 F ** Indian-Family

24.30 8.74 27.48 F ** Indian-Family

44.58 17.36 62.55 F ** Indian-Family

22.04 7.31 29.35 F ** Indian-Family

120.05 29.04 150.73 F Indian-Family

55.95 29.38 68.98 F ** Foreign-MNC

224.51 39.86 157.41 A Foreign-MNC

639.45 191.57 956.30 A Foreign-MNC+NRI

204.01 86.06 316.44 E Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

ASPINWALL (CRR VARMA)

ATLAS COPCO

ATLAS CYCLES

ATUL GLASS

ATV (M CHATURVEDI)

AUTOMATIC ELECTRIC LTD.

AV THOMAS

AVON CYCLES

BAJAJ

BAJAJ H

BAKEMAN'S HOME PRODUCTS L TD(SL GUPTA)

BALSARA HYGIENE PRODUCTS L TD.(BALSARA)

BANCO PRODUCTS(VKICK PATEL)

BANGUR

BANSWARA(RL TOSHNIWAUML DALMIA)

BARODA RAYON CORPORATION LTD

BASF INDIA L TO

BATA INDIA LTD

BEE ELECTRONIC MACHINES L TD(KK BHARGAVA)

BH REPORTER(TATA ASSOCIATE)

BHAGAWATI

BHARAT BERG LTD(RC AGARWAL)

BHARAT BIJLEE L TD(PRAHLAD C MEHTA)

BHARAT FORGE (KALYANI)

BHARAT HOTELS

BHARAT PIPES(PRAVIN V. SHETH)

BHARAT VIJAY MILLS

BHARTI(RB MITTAL)

BHARTIA ML

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

6

62 1 BHARTIA OP

BINANI-DAMANI

Period of Origin

Up to 1950

1951-65

Up to 1950

1951-65

1966-80

1951-65

Up to 1950

1951-65

Up to 1950

1951-65

1966-80

1951-65

Up to 1950

1966-80

1951-65

Up to 1950

Up to 1950

1981-90

Up to 1950

1951-65

1981-90

Up to 1950

1951-65

1951-65

1981-90

Up to 1950

1981-90

Up to 1950

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

6 6 1.41

3 3 11.98

2 2 1.92

2 2 2.65

4 3 7.52

1 1 0.89

14 14 5.45

2 2 0.51

43 35 60.04

2 2 3.70

1 1 0.70

1 1 0.32

2 2 1.81

109 104 76.95

6 5 2.16

1 1 19.16

1 1 4.26

1 1 10.50

1 1 3.17

2 2 0.58

5 5 2.35

1 1 5.95

1 1 1.71

20 20 31.97

5 5 15.88

3 2 7.32

5 5 8.57

3 3 4.35

9 9 43.47

10 9 4.01

16 16 8.88

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

12.69 3.02 22.08 F ** Indian-Family

80.68 16.74 81.80 F ** Foreign-MNC

58.61 19.47 117.17 D Indian-Family

15.82 7.89 20.59 F ** Indian-Family

67.70 17.57 53.86 F ** Indian-Family

10.86 0.56 20.55 F ** Indian-Family

39.74 12.88 60.73 F ** Indian-Family

40.95 10.40 99.31 F ** Indian-Family

1505.96 627.10 2045.62 A Indian-Family

21.81 9.86 40.40 F ** Indian-Family

14.64 5.84 33.72 F ** Indian-Family

26.35 1.77 52.83 F ** Indian-Family

19.28 5.09 30.75 F ** Foreign-NRI

825.29 304.22 1111.85 A Indian-Family

32.69 13.80 40.91 F ** Indian-Family

183.11 108.53 247.93 A Indian-Family

64.75 14.78 87.35 F ** Foreign-MNC

143.76 18.35 321.85 A Foreign-MNC

17.52 1.84 36.63 F ** Indian-Family

9.19 0.76 14.52 F ** Indian-Family

9.77 7.65 3.53 F ** Indian-Family

34.01 17.34 37.44 F ** Indian-Family

45.30 7.03 78.42 F ** Indian-Family

384.45 151.04 374.55 c Indian-Family

175.68 115.09 102.61 F Indian-Family

23.29 5.04 53.53 F ** Indian-Family

109.67 43.15 117.40 D Indian-Family

17.72 9.72 19.47 F ** Indian-Family

316.31 166.99 186.93 F Indian-Family

70.19 21.77 101.88 F Indian-Family

140.84 48.56 201.91 D Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

BIRLA

BLUE STAR

BOMBAY PAINTS AND ALLEIED PRODUCTS L TO

BOMBAY SILK MILLS (HB VYAS)

BOOTS PHARMACEUTICALS L TO

BPL

BRITANNIA

BURROUGHS WELLCOME (INDIA) L TO

CADBURY

CADILA(I A MODI & R P PATEL)

CAMLIN(DANDEKAR)

CAPRI HANS (INDIA) L TO

CARRIER AIRCONE L TO

CASTROL

CEMINDIA CO. L TO

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

7

7

8 8 8

8 8 8

8

8 8

8

9

9

9

9

8 CENTRAL PULP

9 CENTURY IRON AND STEEL L TD(GD SARAOGI)

0 CHAMPDANY INDUSTRIES 0/VADHWA)

1 CHINAR EXPORTS L TO

2 CHOWGULE

3 CIFCO

4 CIPLA L TD(HAMIED)

5 COLGATE-PALMOLIVE (INDIA) LTD

6 CONTINENTAL CONSTRUCTION

7 COOKSON INDIA L TO

8 CORN PRODUCTS CO. INDIA L TO

9 DABUR

0 DADHA

1 DAGA (1933/1892)

2 DALMIA J

3 DC KOTHARI

Period of Origin

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

Up to 1950

Up to 1950

Up to 1950

1966-80

Up to 1950

Up to 1950

1981-90

Up to 1950

Up to 1950

1951-65

1966-80

Up to 1950

1966-80

Up to 1950

1966-80

Up to 1950

Up to 1950

1951-65

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

293 241 704.83

3 3 7.19

1 1 0.75

2 2 2.89

1 1 8.10

7 7 14.85

4 ·,

2 18.69

1 1 6.00

2 2 8.48

7 5 4.80

4 4 2.01

1 1 1.82

1 1 10.45

2 2 7.11

1 1 1.28

7 3 4.88

1 1 0.87

2 2 1.07

1 1 0.75

28 24 42.11

3 3 4.83

1 1 1.56

1 1 31.44

5 5 60.43

1 1 1.09

1 1 0.99

5 4 4.58

8 6 3.93

8 7 8.21

60 56 102.68

25 17 31.53

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

10742.69 4793.97 9789.84 A Indian-Family

121.81 27.88 192.83 E Indian-Family

13.38 1.48 27.31 F •• lndian-F amily

32.17 5.42 43.57 F •• Indian-Family

44.28 9.83 74.28 F •• Foreign-MNC

159.63 47.03 387.84 F Indian-Family

116.43 37.45 321.56 0 Foreign-MNC+NRI

57.98 11.27 80.69 F •• Foreign-MNC

65.55 26.92 '112.13 0 Foreign-MNC

55.75 18.32 80.38 F •• Indian-Family

21.13 5.19 44.71 F •• Indian-Family

39.52 14.92 63.46 F •• Indian-Family

34.39 14.20 37.53 F •• Foreign-MNC

77.11 13.66 190.74 0 Foreign-MNC

18.59 7.19 23.12 F •• Foreign-MNC

40.36 29.84 11.76 F •• Indian-Family

10.87 2.24 27.79 F •• Indian-Family

43.45 19.47 70.61 F •• Indian-Family

39.62 1.92 64.11 F •• Indian-Family

370.74 246.13 232.34 A lndian-F amily

23.22 6.73 39.01 F •• Indian-Family

74.36 28.09 94.69 F •• Indian-Family

96.14 23.32 277.12 0 Foreign-MNC

405.51 65.54 91.28 F lnCfian-Family

9.62 1.26 21.52 F •• Foreign-MNC

15.98 1.46 18.61 F •• Foreign-MNC

96.43 26.70 151.29 F Indian-Family

28.80 7.29 30.25 F •• Indian-Family

97.62 46.95 99.84 F •• Indian-Family

1049.14 513.32 794.14 A Indian-Family

224.24 122.53 121.57 A Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

94

95

96

97

98

99

GROUP/COMPANY

DEL TON (RAM KUMAR GUPTA)

DEVIDA YAL(KK AGGARWAL)

DEWAN RUBBER

DEY'S MEDICAL

DHAMPUR SUGAR

DHANUKA

DHARAMSI MORARJI

DLF

DR. REDDY

DUPHAR INTERFRAN L TO

E.MERCK

EICHER

ELB SCHUFF (INDIA) L TO

ELECON

ELGI

EMC (NATH)

EMPIRE INDUSTRIES(MALHOTRA)

1 ESAB INDIA L TO

100

101

102

103

104

105

106

107

108

109

110

11

112

11

11

11

11

11

11

11

12

12

12

12

12

ESCORTS

3 ESKA YEF L TO

4 ESSAR (RUIA)

5 ESSEL PACKAGING L TO.(SC GOENKA)

6FGPLTO

7 FACOR

8 FAG PRECISION BEARINGS L TO

9 FAZALBHOY(PHOTOPHONE)

0 FICOM

1 FINOLEX

2 FIRODIA (KINETIC)

3 FLAKT INDIA LTD

4 FLEX(AC CHATURVEDI)

Period of Origin

1951-65

Up to 1950

1966-80

Up to 1950

1951-65

Up to 1950

Up to 1950

1951-65

1966-80

1951-65

1951-65

1951-65

1981-90

1951-65

Up to 1950

1951-65

Up to 1950

1981-90

Up to 1950

1966-80

1981-90

1951-65

1951-65

1951-65

Up to 1950

1966-80

1951-65

1951-65

1951-65

1981-90

No. of Cos. FD Paid-Up Cos./Firms Capital

5 5 2.13

9 3 1.79

3 2 5.07

3 3 1.57

2 2 3.91

12 11 9.39

6 6 13.14

44 24 5.33

12 11 15.28

1 1 1.84

2 2 7.78

19 15 28.48

1 1 5.28

8 8 15.47

36 30 20.29

3 3 1.14

4 3 6.25

1 1 4.99

9 8 51.80

1 1 7.50

18 11 78.75

1 1 2.79

1 1 4.90

3 3 12.00

1 1 3.36

6 6 5.26

8 6 5.17

9 7 14.79

6 6 22.74

1 1 4.76

6 6 5.53

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

28.38 8.26 26.92 F ** Indian-Family

36.10 7.31 49.70 F ** Indian-Family

24.40 10.59 56.41 F ** Indian-Family

29.94 2.30 59.13 F ** Indian-Family

121.26 48.80 135.59 F Indian-Family

108.82 35.72 113.71 c Indian-Family

133.36 42.42 226.65 D Indian-Family

162.60 8.65 63.40 F Indian-Family

155.63 58.01 157.81 F Indian-Family

23.04 5.96 33.84 F ** Foreign-MNC

63.12 21.20 71.16 F ** Foreign-MNC

212.21 70.31 383.20 E Indian-Family

15.51 12.42 2.25 F ** Foreign-MNC

177.09 50.80 189.29 E Indian-Family

300.90 116.04 378.81 E Indian-Family

41.05 7.03 55.25 F ** Indian-Family

67.02 21.94 71.07 F ** Indian-Family

16.76 2.66 16.88 F ** Foreign-MNC

706.61 247.45 1019.25 A Indian-Family

42.77 9.42 68.28 F ** Foreign-MNC

1277.48 852.22 219.01 F Indian-Family

23.01 12.83 33.02 F ** lndian-F amily

24.70 7.27 31.56 F ** Foreign-MNC

205.96 102.83 234.42 D Indian-Family

55.31 23.10 49.96 F ** Foreign-MNC

30.81 6.20 51.48 F ** Indian-Family

49.66 18.89 57.84 F ** Indian-Family

153.65 51.50 192.91 F Indian-Family

222.74 72.72 496.84 c Indian-Family

33.78 4.75 48.19 F ** Foreign-MNC

29.28 14.49 35.60 F ** Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

FLORIND SHOES

FRIEDRICH KRUPP

FULFORD (INDIA) L TO

FUSEBASE ELTORO(M AGARWAL & A GUPTA)

GAJRA GEARS

GAMMON INDIA

GANNON DUNKERLEY

GARDEN SILK

GARWARE

GO KOTHARI

GEC

GEEP (SHERVANI)

GERMAN REMEDIES L TO

GESTETNER

GHATGE PATIL

GHIA

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

14

142

14

14

14

14

14

14

14

15

15

15

15

15

15

1 GKW

GL AGRAWAL(PREMIER)

3 GL SARAOGI(INCL.TULSIPUR SUGAR)

4 GLAXO

5 GODREJ

6 GOENKA

7 GOODRICKE GROUP

8 GOODYEAR INDIA L TO

9 GRAHAM FIRTH STEEL PRODUCTS (INDIA) L TO

0 GRAUER & WElL (MORE)

1 GRINDWELL NORTON(SIDHVA)

2 GROZ BACKERT SABOO L TO

3 GUJARAT AMBUJA CEMENTS LTD

4 GUJARAT OIL& INDUSTRIES LTD.(HC SHAH)

5 GV NAIDU

Period of Origin

1966-80

Up to 1950

Up to 1950

1981-90

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

Up to 1950

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

1951-65

Up to 1950

1951-65

1981-90

1981-90

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

2 2 2.00

2 2 8.49

1 1 0.80

3 2 0.27

2 2 2.87

9 6 2.52

13 10 4.34

12 9 22.12

69 52 33.11

30 25 17.02

7 6 28.86

3 1 1.15

1 1 3.26

2 2 2.30

29 4 2.02

13 11 32.91

4 4 26.21

2 2 3.99

14 14 1.67

6 5 35.60

19 15 51.77

223 163 243.65

6 6 14.64

1 1 7.48

1 1 1.29

2 2 0.47

3 3 6.43

1 1 1.10

1 1 20.00

1 1 1.95

48 29 23.79

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover ·Authority

12.08 6.23 22.05 F •• Indian-Family

139.76 28.57 181.42 F Foreign-MNC

32.36 0.82 50.31 F •• Foreign-MNC

7.22 1.77 14.85 F •• Indian-Family

36.88 11.96 57.27 F •• Indian-Family

128.31 14.33 89.42 A Indian-Family

100.64 20.83 107.07 F Indian-Family

285.34 151.09 238.39 F Indian-Family

475.29 262.60 475.72 E Indian-Family

165.20 51.88 275.93 A Indian-Family

231.65 26.83 331.27 A Foreign-MNC

39.85 26.07 49.04 F •• Indian-Family

42.57 10.34 73.90 F •• Foreign-MNC

21.62 7.08 22.49 F •• Foreign-MNC

17.58 5.64 16.95 F •• Indian-Family

329.19 113.46 449.25 c Indian-Family

160.91 42.13 258.01 A Foreign-MNC

31.97 11.52 59.68 F •• Indian-Family

43.35 16.74 64.70 F •• Indian-Family

240.79 116.31 330.41 A Foreign-MNC

691.48 136.11 924.72 A Indian-Family

3087.16 1338.72 3069.76 A Indian-Family

84.92 33.25 92.77 F •• Foreign-MNC

118.02 39.05 225.26 A Foreign-MNC

15.72 0.66 27.09 F •• Indian-Family

21.89 6.57 34.60 F •• Indian-Family

59.19 22.76 58.20 F •• Indian-Family

7.71 2.21 5.74 F •• Foreign-MNC

125.70 84.53 117.19 F Indian-Family

5.96 2.62 4.68 F •• Foreign-NRI

580.81 119.82 523.78 A Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

GVK (GV KRISHNA REDDY)

H M M LTD

HARYANA PETROCHEMICALS LTD(RS AGGARWAL)

HAWKINS COOKERS (B VASUDEVA)

HCL

HERO CYCLES

HI CO PRODUCTS L TD(DHAMANKAR)

HILTON RUBBER(KHANNA)

HIMATSINGKA

HIND SYNTEX(RAVI MOHAN)

HINDITRON (SONAWALA)

HINDUSTAN ALLOYS MFG. CO. L TO.(BM PATEL)

HINDUSTAN CIBA GEIGY L TO

HINDUSTAN DEV. CORPORATION (RASOI)

HINDUSTAN LEVER

156

157

158

159

160

161

162

163

164

165

166

167

168

169

170

17

172

173

174

17

176

17

17

17

18

18

18

18

18

18

18

1 HIRALAL MAGANLAL (SANGHVI)

HITKARI

HL MALHOTRA

HOGANAS INDIA L TO

5 HOLMAN CLIMAX MFG L TO

HOWRAH MILLS CO L TD(EX-JARDINE)

71CI

8 IDL CHEMICALS

9 IFB(BIJON NAG)

0 IMFA

1 INARCO LTD

2 IN CAB INDUSTRIES L TO

3 INDAL (ALCAN)

41NDANA

5 INDIA CEMENTS

6 INDIA PHOTOGRAPHIC COL TD(EASTMAN KODAK)

Period of Origin

1966-80

1951-65

1981-90

1951-65

1966-80

1951-65

1951-65

1966-80

Up to 1950

1966-80

1966-80

1981-90

Up to 1950

Up to 1950

Up to 1950

1966-80

1966-80

Up to 1950

1981-90

1951-65

Up to 1950

1951-65

1951-65

1966-80

1951-65

Up to 1950

Up to 1950

1966-80

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

2 2 11.64

1 1 14.18

1 1 7.92

2 2 2.00

6 6 23.14

32 25 47.97

1 1 3.30

6 5 3.06

12 11 34.96

2 2 4.00

7 6 27.85

1 1 7.01

1 1 17.71

20 16 17.58

16 13 184.72

5 2 1.13

4 4 3.31

9 7 1.41

1 1 1.15

1 1 1.75

1 1 2.48

4 4 52.22

6 6 13.79

3 2 6.80

8 8 47.20

1 1 0.72

1 1 6.29

2 2 47.44

6 6 3.34

3 3 4.98

1 1 2.00

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover .Authority

50.46 40.62 27.38 F •• lndian-F amily

67.58 25.77 146.11 D Foreign-MNC

51.26 25.58 62.85 F •• Indian-Family

19.12 3.01 44.90 F •• Indian-Family

267.33 49.74 286.57 F Indian-Family

336.45 152.70 461.89 F Indian-Family

33.42 11.11 49.15 F •• Indian-Family

30.77 10.36 37.47 F •• Indian-Family

77.08 28.04 91.44 F •• Indian-Family

29.86 10.61 47.40 F •• Indian-Family

75.73 23.75 47.98 F •• Indian-Family

74.11 9.43 74.16 F •• Indian-Family

115.00 20.46 250.89 A Foreign-MNC

366.43 179.23 381.66 c Indian-Family

1217.77 243.40 2569.59 A Foreign-MNC

18.88 6.61 33.69 F •• Indian-Family

18.52 9.16 17.31 F •• Indian-Family

48.80 7.67 71.51 F •• Indian-Family

5.11 3.48 3.53 F •• Foreign-MNC

7.53 13.86 5.81 F •• Foreign-MNC

28.54 16.60 37.85 F •• Indian-Family

595.89 227.45 750.65 A Foreign-MNC

103.22 35.31 99.59 F Foreign-MNC

76.40 41.39 36.55 F •• Indian-Family

376.29 293.08 53.95 F Indian-Family

12.72 5.43 11.23 F •• Foreign-MNC

130.38 21.16 163.44 A Indian-Family

336.79 103.58 549.88 A F9reign-MNC

37.52 12.19 63.87 F •• Indian-Family

197.80 139.84 148.51 A Indian-Family

39.61 12.08 46.16 F •• Foreign-MNC

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

INDIAN ALUMINIUM CABLES L TD(BHUWANIA SS)

INDIAN CARD CLOTHING CO L TO

INDIAN SEAMLESS (BR TARNEJA)

INDO RAMA(ML LOHIA)

INDORE STEEL(S HARDIAL SINGH)

INDRA SINGH .

INDU-NISSAN (BHUVA)

INDURE(GUPTA)

INDUSTRIAL CABLES(DEVINDER SINGH CHAUDHRY)

INGERSOLL RAND (INDIA) L TO

INTERCRAFT(VIJAY MEHTA)

INTERNATIONAL COMBUSTION (INDIA) L TO

INVEL TRANSMISSION L TO

0 IOL (SOC GROUP)

187

188

189

190

191

192

193

194

195

196

197

198

199

20

20

20

20

20

20

20

20

20

20

21

21

21

21

21

21

21

21

1 ION EXCHANGE(GS RANGANATHAN)

2 IPANAND

3 IPCA LABORATORIES L TO

4 !SPAT (MITTAL)

5 lTC (BAT)

6 JAI(BS JAUHAR)

7 JAIN SHUDH

8 JAIPRAKASr.l

9 JAIPURIA

0 JAISWAL

1 JAJODIA

2 JARDINE HENDERSON (GL MEHTA)

3 JATIA

4 JATIA ML

5 JATIA RK

6 JA YANT DALAL

7 JAYSYNTH (SS KOTHARI)

Period of Origin

1951-65

1951-65

1966-80

1981-90

1951-65

Up to 1950

1966-80

1966-80

1951-65

Up to 1950

1966-80

Up to 1950

1981-90

Up to 1950

1966-80

1966-80

Up to 1950

1981-90

Up to 1950

1951-65

1951-65

1981-90

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1966-80

1981-90

1951-65

1966-80

No. of Cos. FD Paid-Up Cos./Firms Capital

1 1 1.71

1 1 3.25

3 2 4.02

2 2 9.89

3 2 4.51

5 5 2.42

2 2 16.00

9 7 0.33

9 8 4.35

1 1 15.78

2 2 0.24

1 1 1.08

1 1 7.50

4 4 20.70

5 3 4.70

3 2 1.15

1 1 0.60

7 7 70.29

35 33 116.18

4 4 3.90

28 21 44.94

3 3 77.78

19 17 11.91

3 3 7.64

4 4 2.00

19 19 16.64

25 20 8.64

2 2 4.14

2 2 20.45

4 4 10.49

4 3 1.63

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

35.11 10.13 67.09 F •• Indian-Family

14.07 2.02 18.89 F •• Foreign-MNC

53.57 22.55 62.08 F •• Indian-Family

38.45 27.02 25.01 F ** Foreign-NRI

74.07 34.52 87.12 F •• Indian-Family

39.47 17.13 82.34 A** Indian-Family

65.58 29.01 54.76 F ** Indian-Family

80.22 3.90 15.19 F •• Indian-Family

56.60 23.33 65.78 F ** Indian-Family

90.71 10.30 119.07 F Foreign-MNC

22.36 3.84 38.78 F •• Indian-Family

9.96 2.20 10.89 F •• Foreign-MNC

22.32 15.90 13.49 F ** Foreign-MNC

231.15 105.35 226.45 A Foreign-MNC

52.31 13.11 49.20 F** Indian-Family

33.47 12.88 50.86 F ** Indian-Family

23.74 6.50 47.84 F ** Indian-Family

770.04 410.11 542.06 F Foreign-NRI

1068.40 385.74 2532.76 A Foreign-MNC

21.89 9.18 31.02 F •• Indian-Family

289.43 126.10 216.05 F Indian-Family

725.43 406.72 351.02 F Indian-Family

83.58 45.46 57.51 A** Indian-Family

129.96 54.38 236.77 D Indian-Family

45.62 4.58 95.81 F ** Indian-Family

137.52 39.69 171.29 A Indian-Family

116.21 41.37 133.71 A Indian-Family

33.29 9.37 80.76 F ** Indian-Family

68.04 47.82 52.49 F ** Foreign-NRI

109.19 59.15 71.89 D Indian-Family

58.16 17.84 83.65 F ** Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

JBADVANI

JB MODY

JHALANI

JINDAL DP

JINDAL OP

JK SINGHANIA

JM PATEL

JMA INDUSTRIES(SONDHI/BHANDARI)

JOHNSON & JOHNSON

JP SRIVASTAVA

JRD SONI

JV PATEL

KAIRA DIST. COOP. MILK PRODUCERS UNION L TO

KAJAR lA

KAMAN I

KAMARHATI COL TD(EX-JARDINE)

KANOI

KANORIA B

KANORIA RK

KANTHAL BIMETALS INDIA LTD

218

219

220

221

222

223

224

225

226

227

228

229

230

231

232

233

234

235

236

237

23

23

24

24

24

24

24

24

24

24

24

8 KAPADIA HN

9 KASTURBHAI LALBHAI

0 KASTURI & SONS L TO

1 KELVINATOR

2 KG KHOSLA

3 KHAITAN (RADICO)

4 KHAITAN SK (KHAITAN FANS)

5 KHAITAN SN (SWIL)

6 KHANDELWAL

7 KHATAU

8 KHODAY

Period of Origin

Up to 1950

1966-80

1951-65

1951-65

Up to 1950

1951-65

1951-65

Up to 1950

Up to 1950

1966-80

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1981-90

1951-65

Up to 1950

Up to 1950

1951-65

1951-65

Up to 1950

1966-80

1951-65

Up to 1950

Up to 1950

1951-65

No. of Cos. FD Paid-Up Cos./Firms Capital

11 10 10.73

5 4 4.72

2 2 5.41

9 9 15.75

14 14 23.07

76 63 149.96

4 2 3.85

3 3 2.22

2 2 2.50

10 7 1.24

2 2 3.64

9 8 4.36

1 1 2.05

3 2 6.33

27 5 2.61

1 1 0.59

9 9 5.11

13 8 4.74

38 36 29.81

1 1 1.30

7 7 5.04

41 34 42.41

1 1 0.88

4 4 9.72

4 4 6.11

14 14 10.98

10 9 11.87

6 6 10.16

12 5 10.10

37 24 33.98

7 7 9.42

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

69.18 22.79 117.69 D Indian-Family

33.28 10.99 49.57 F •• Indian-Family

62.66 25.15 31.37 F •• Indian-Family

120.23 23.18 305.13 F Indian-Family

317.57 97.50 446.04 F Indian-Family

2351.39 1288.31 1979.63 A Indian-Family

31.73 14.60 47.41 F •• Indian-Family

10.69 3.84 11.71 F •• Indian-Family

75.77 18.69 134.61 D Foreign-MNC

22.39 7.77 26.92 A** Indian-Family

21.20 7.77 14.30 F •• Indian-Family

79.82 37.83 44.17 F •• Indian-Family

85.02 29.80 216.88 F Indian-Cooperative

31.76 23.31 23.92 F •• Indian-Family

34.25 14.41 24.01 A** Indian-Family

21.77 12.11 36.45 F •• Indian-Family

40.72 27.96 27.20 F •• Indian-Family

56.45 26.55 72.42 A** Indian-Family

324.93 148.56 448.74 A Indian-Family

4.11 2.38 1.40 F •• Foreign-MNC

92.67 24.56 161.64 D Indian-Family

660.05 235.39 790.18 A Indian-Family

27.18 7.82 68.69 F •• Indian-Family

142.85 29.11 306.65 E Indian-Family

65.15 19.26 44.60 F •• Indian-Family

53.07 22.64 88.85 F •• Indian-Family

64.88 8.26 101.25 F Indian-Family

84.79 43.21 87.30 F •• Indian-Family

51.22 47.98 64.37 F •• Indian-Family

392.80 139.71 375.68 A Indian-Family

134.77 20.23 102.23 E Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

KILACHAND

KILLICK (RUIA)

KILLICK ELECTRIC COMPANIES '

KIRLOSKAR

KITPL Y INDUSTRIES L TD(SP GOENKA)

KKDOSHI

KLOCKNER WINDSOR INDIA L TO

KONGARAR(G VENKA TARAMAN)

KRISHNA (TAYAL)

KS VAIDYANATHAN

KSB PUMPS

LAKHANPAL

LARSEN & TOUBRO

LLOYD (RN GUPTA)

LML (SINGHANIA)

LN AGARWAL(SURYAVANSHI)

LNJ-BHILWARA

LS AGARWAL(LAXMAN)

L YKA LABS( GANDHI Cl)

MA CHIDAMBARAM

MACKINON MACKENZIE & CO L TO

MACMILLAN INDIA L TO

1 MACNEILL & MAGOR (BM KHAITAN)

2 MADURA COATS (COATS PATONS)

MAFATLAL

MAHESHWARI PROTEINS (P TAPARIA)

5 MAHINDRA & MAHINDRA

6 MANEKLAL HARILAL

249

250

251

252

253

254

255

256

257

258

259

260

261

262

263

264

265

266

267

268

269

270

27

27

273

274

27

27

27

27

27

7 MANGALDAS JEYSINGHBHAI (GUJ STEEL TUBES)

8 MANGALDAS PAREKH

9 MANIPAL

Period of Origin

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1981-90

1966-80

1951-65

Up to 1950

1981-90

Up to 1950

1951-65

1951-65

Up to 1950

1966-80

1966-80

1951-65

1951-65

1951-65

1966-80

Up to 1950

1951-65

1966-80

Up to 1950

Up to 1950

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

27 17 22.31

30 26 5.24

5 5 38.12

42 30 68.04

1 1 3.14

3 3 7.67

1 1 4.50

8 7 2.20

6 2 1.10

7 7 3.51

2 2 9.12

2 1 4.57

7 7 79.26

5 4 33.19

9 9 50.24

5 4 2.06

11 10 18.89

4 4 3.88

2 2 5.52

53 45 174.42

1 1 2.49

1 1 0.94

38 38 63.67

3 3 22.02

53 48 141.63

2 2 3.50

21 18 84.86

3 3 3.42

10 9 6.35

15 7 2.12

15 14 8.31

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

264.42 127.40 327.33 A Indian-Family

117.13 56.08 80.38 A Indian-Family

894.55 535.13 777.30 A Indian-Non Family

781.17 186.79 882.81 A Indian-Family

68.87 9.92 67.82 F •• Indian-Family

27.84 2.40 34.14 F ** Indian-Family

60.10 13.78 74.38 F ** Foreign-MNC

35.49 11.86 42.01 F ** Indian-Family

8.65 1.82 25.85 F •• Indian-Family

14.70 8.13 7.59 F •• Indian-Family

54.15 14.98 57.51 F •• Foreign-MNC

42.83 18.30 69.49 F ** Indian-Family

1739.54 641.35 1191.24 A Indian-Non Family

278.15 108.16 258.64 F Indian-Family

494.70 240.98 414.01 F Indian-Family

29.40 12.41 53.87 F ** Indian-Family

229.21 102.77 247.71 F Indian-Family

42.33 21.64 53.57 F ** Indian-Family

59.20 10.73 82.88 F •• Indian-Family

1663.52 809.91 1304.96 B Indian-Family

11.37 1.07 7.32 F ** Foreign-MNC

11.69 2.45 8.76 F ** Foreign-MNC

751.77 270.75 751.17 A Indian-Family

300.76 133.72 342.57 c Foreign-MNC

1527.89 517.89 1862.77 A Indian-Family

15.29 7.25 24.00 F •• Indian-Family

1213.68 534.64 1308.78 A Indian-Family

53.18 20.93 74.99 F •• Indian-Family

131.01 52.04 179.86 A Indian-Family

30.45 14.16 54.56 A** Indian-Family

226.72 38.13 108.91 D Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

MANSINGHKA

MARSHALL

MARTIN BURN

MARUTI UDYOG COMPLEX(N.E.I.)

MEHTA CK

MEHTA MAHENDRA

MEHTA ROZAL JAL

MEHTA SURESH MANHERLAL

METAL BOX

MGF

MILES INDIA LTD

MITTAL RP

MITTAL STEELS LTD

MITTAL(INDORE)

MKMOHTA

MLAGARWALA

MLAPTE

MOD ELLA

MODERN (HS.RANKA)

MODERN STEEL L TD(AMARJIT GOYAL)

MODI

280

281

282

283

284

285

286

287

288

289

290

291

292

293

294

295

296

297

298

299

300

30

30

30

30

30

30

30

30

30

31

1 MOHAN MEAKIN

2 MONSANTO CHEMICALS OF INDIA LTD.

3 MORARKA

4 MOTILAL PADAMPAT UDYOG LTD.(JHUNJHUNWALA)

5 MOTOR INDUSTRIES CO. LTD.

6 MRF

7 MUNSHAW(SLM MANEKLAL)

8 MURUGAPPA CHETTIAR

9 MUTHIAH(M.Ct.)

0 NAGARJUNA

Period of Origin

Up to 1950

1951-65

Up to 1950

1981-90

1966-80

1951-65

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1966-80

1981-90

1966-80

1966-80

Up to 1950

1951-65

Up to 1950

1951-65

1966-80

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

Up to 1950

1951-65

Up to 1950

Up to 1950

1966-80

No. of Cos. FD Paid-Up Cos./Firms Capital

6 5 3.59

2 2 0.81

10 5 4.75

4 4 13.93

3 3 36.64

3 3 51.24

2 2 2.31

10 6 7.14

2 1 15.48

4 4 14.91

1 1 1.28

5 4 2.21

1 1 0.90

2 2 2.68

12 8 3.54

2 2 0.82

5 5 3.98

8 5 1.45

7 6 23.59

1 1 1.30

60 48 195.20

10 8 5.54

1 1 1.00

4 4 3.51

1 1 1.98

1 1 38.05

8 8 6.57

2 2 3.15

62 51 68.07

8 8 3.43

17 17 122.27

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

40.79 10.09 85.61 F ** Indian-Family

5.81 1.89 7.56 F ** Indian-Family

28.89 6.57 13.93 A** Indian-Family

50.69 32.17 50.52 F ** Indian-Family

360.57 159.30 92.16 F Indian-Family

294.20 198.75 191.17 F Foreign-NRI

23.84 13.29 30.75 F ** Indian-Family

126.72 16.49 33.79 F lndian-F amily

83.47 43.75 87.84 A** Foreign-MNC

207.08 46.93 69.17 D Indian-Family

8.24 1.35 9.57 F ** Foreign-MNC

12.99 4.52 13.28 F ** Indian-Family

7.44 1.75 27.92 F ** Indian-Family

22.41 7.70 28.09 F ** Indian-Family

62.74 23.08 109.70 c Indian-Family

20.30 9.18 37.67 F ** Indian-Family

56.36 26.08 70.97 F ** Indian-Family

18.62 7.44 27.75 F ** Indian-Family

185.57 108.97 124.44 F Indian-Family

17.91 5.85 38.89 F ** Indian-Family

1500.23 644.88 2054.91 A Indian-Family

69.45 11.48 130.02 A Indian-Family

4.73 0.26 5.86 F ** Foreign-MNC

23.04 9.19 17.64 F ** Indian-Family

29.83 8.75 51.31 F ** Indian-Family

161.12 67.74 269 51 A Foreign-MNC

282.56 107.45 651.71 A Indian-Family

30.70 13.14 24.73 F ** Indian-Family

768.22 247.03 918.35 A Indian-Family

24.48 5.75 47.82 A** Indian-Family

862.11 545.32 308.32 F Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

NATIONAL PL YWOOD(PERIWAL)

NAVABHARAT

NEEDLE INDUSTRIES INDIA L TO.

NESTLE INDIA L TO.

NICCO

NIRLON SYNTHETICS

NIRMA PVT LTO(K PATEL)

NOBLE EXPLOCHEM L TO

NOPANY BK

NOWROSJEE WADIA

NUCHEM (BARAR)

OBEROIMS

OEN INDIA

ONIDA

ORISSA INDUSTRIES L TO(JHUNJHUNWALA)

ORISSA SPONGE IRON L TO

311

312

313

314

315

316

317 318

319

320 321 322

323 324

325 326

32

32

32

33

33

33

33

33

33

33

33

33

33 34

34

7 ORKAY SILK

8 OSWAL

9 PALANI ANDAVAR MILLS (V VIDYASAGAR)

0 PANYAM CEMENTS

1 PAPER PRODUCTS L TD(SL TAL WAR)

2 PARASRAMPURIA

3 PARIKH (WESTERN MINISTIL)

4 PARKE DAVIS INDIA L TO

5 PARLE

6 PARTAP (MAHESHWARI)

7 PATNI (PCS)

8 PATODIA

9 PEERLESS GENERAL FINANCE & INVEST. L TO

0 PEIRCE LESLIE

1 PERTECH COMPUTERS(BHARAT GOENKA)

Period of Origin

1951-65

Up to 1950

Up to 1950

1951-65

Up to 1950

1951-65

1966-80 1981-90

Up to 1950

Up to 1950 1951-65

Up to 1950 1966-80

1966-80

Up to 1950

1966-80

Up to 1950 Up to 1950

Up to 1950

1951-65

Up to 1950

1981-90

1966-80

Up to 1950

Up to 1950

Up to 1950

1966-80 1951-65

Up to 1950

Up to 1950 1981-90

No. of Cos. FD Paid-Up Cos./Firms Capital

3 3 1.70

14 10 9.41

1 1 0.96

1 1 36.62

20 16 23.29

7 7 16.17 1 1 12.23 1 1 12.57

7 6 2.82

28 26 27.15

8 6 6.35 19 18 35.29

3 3 3.71

5 4 4.62

1 1 2.00 1 1 5.92

25 14 67.79 22 21 180.97

3 3 1.94

2 2 5.32

1 1 1.35

4 4 13.29

3 3 4.94

1 1 7.53

7 5 4.32

4 4 13.55

4 2 1.62

5 5 7.63

1 1 1.04

10 10 4.16

2 2 0.90

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

16.67 4.00 19.56 F •• Indian-Family

134.29 40.53 253.35 D Indian-Family

8.64 2.97 14.53 F •• Foreign-MNC

173.00 96.50 258.80 D Foreign-MNC

158.61 68.77 183.09 A Indian-Family

204.52 96.44 166.40 A Indian-Family

89.45 38.68 0.00 F •• Indian-Family

31.91 2.76 12.58 F •• Foreign-MNC

18.87 8.87 8.03 F •• Indian-Family

557.20 237.84 649.79 A Indian-Family

79.84 50.34 27.37 F •• Iridian-Family

349.69 239.49 111.28 D Indian-Family

24.33 8.76 18.56 F •• Indian-Family

66.76 12.38 166.43 F Indian-Family

59.35 11.26 67.13 F •• Indian-Family

48.63 36.69 34.16 F •• Indian-Family

278.46 129.07 193.26 F Indian-Family

1499.06 525.78 1356.48 E Indian-Family

17.90 8.22 34.60 F •• Indian-Family

73.03 28.17 74.84 F •• Indian-Family

27.84 14.01 32.36 F •• Indian-Family

72.14 33.15 98.48 F •• Indian-Family

79.64 17.49 88.83 F •• Indian-Family

35.11 6.58 81.74 A** Foreign-MNC

80.82 18.09 54.87 F •• Indian-Family

154.71 93.03 166.21 F Indian-Family

23.37 7.40 23.89 F •• Indian-Family

76.14 36.73 85.74 F •• Indian-Family

1172.53 19.11 163.83 F Indian-Family

47.23 22.70 30.40 A** Indian-Family

25.89 1.21 67.43 F •• Indian-Family

Table A.3.3: 5G9 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

PFIZER

PG PERIASAMY

PHILIPS

PIDILITE (PAREKH BK)

PI RAMAL

PK GUPTA (PRESTIGE HM-POL Y CONTAINERS)

PL VIVEKANANDAN

PO DAR

PODDAR (NUDDEA MILLS)

PODDAR(HOPE)

POLAR(SK AGARWAL)

PORRITTS & SPENCER (ASIA) L TO

POWERFLOW L TD(PP MEHTA)

PRAKASH (BD AGARWAL)

PRATAPLAL BHOGILAL

PREMIER CABLE CO L TD(HM PERIWAL)

PREMIER TYRES L TD(CS DESAI)

PREMIER VINYL(KN GOENKA)

PRESTIGE(NN JAIN)

342

343

344

345

346

347

348

349

350

351

352

353

354

355

356

357

358

359

360

36

36

36

36

36

36

36

36

36

37

37

37

1 PRIYADARSHINI

2 PROCTER & GAMBLE INDIA L TO

3 PUNJ

4 PURE DRINKS (CHARANJIT SINGH)

5 RAASI

6 RAJGARHIA RK

7 RAJINDER TUBES

8 RAMA (RAMSINGHANI)

9 RAMCO (MADRAS CEMENTS)

0 RANBAXY

1 RANE

2 RATHI STEEL

Period of Origin

Up to 1950

1981-90

Up to 1950

Up to 1950

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

1951-65

1951-65

1966-80

1966-80

1966-80

Up to 1950

1951-65

1951-65

1981-90

1966-80

1966-80

1951-65

Up to 1950

Up to 1950

1966-80

Up to 1950

1981-90

1966-80

Up to 1950

Up to 1950

Up to 1950

1966-80

No. of Cos. FD Paid-Up Cos./Firms Capital

3 3 14.42

2 1 8.99

6 6 37.14

8 7 13.65

30 24 30.98

3 3 3.65

3 3 1.54

22 11 4.69

32 31 18.80

10 10 13.46

7 6 5.31

1 1 1.96

1 1 1.96

2 2 10.26

8 7 3.32

1 1 1.71

1 1 3.24

4 3 5.41

8 7 4.27

4 4 26.39

1 1 6.68

9 7 1.41

15 13 10.47

10 9 35.48

6 6 8.43

4 4 2.90

10 5 15.76

17 14 10.77

23 20 19.19

9 9 10.37

14 10 7.66

Assets Net Fil\ed Income/ Category Nature of Controlling Assets Turnover Authority

72.06 16.51 127.03 A Foreign-MNC

27.86 20.22 18.43 F •• Foreign-NRI

324.13 113.77 442.11 A Foreign-MNC

101.24 42.92 0.11 F Indian-Family

327.13 109.12 563.10 A Indian-Family

21.91 13.17 15.88 F •• Indian-Family

13.18 5.25 25.05 F •• Indian-Family

22.67 11.92 20.10 A** Indian-Family

147.65 80.16 94.47 c Indian-Family

70.63 23.08 74.90 F •• Indian-Family

41.10 6.78 40.12 F •• Indian-Family

12.49 5.02 12.02 F •• Foreign-MNC

18.80 7.00 25.04 F •• Indian-Family

164.78 70.23 212.70 F Indian-Family

111.90 13.93 198.63 A Indian-Family

31.51 7.81 53.16 F •• Indian-Family

40.05 4.89 99.11 F •• Indian-Family

31.67 13.02 31.79 F ** Indian-Family

35.10 8.68 69.70 F ** Indian-Family

128.12 85.49 95.85 F Indian-Family

48.03 16.67 75.59 F ** Foreign-MNC

98.89 15.00 58.69 F ** Indian-Family

175.52 110.92 105.03 F Indian-Family

260.77 168.14 169.07 F Indian-Family

72.88 33.29 101.84 c Indian-Family

37.38 10.99 37.66 F ** Indian-Family

80.37 42.90 83.79 F ** Foreign-NRI

232.11 128.67 260.87 D Indian-Family

261.43 63.75 294.08 c Indian-Family

97.92 33.90 105.06 E Indian-Family

118.06 46.29 245.75 F Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

RAUNAQ SINGH (APOLLO TYRES)

RECKITI & COLMAN OF INDIA LTD

RECONDO

REDDY+JIWARAJKA

RELAN

RELIANCE

REMI (SARAF)

RHONE-POULENC

RJ RATHI (SUDARSHAN CHEMICAL INDUSTRIES)

RK AGARWALA ( 1896/1941)

RN GOENKA

RN SHETIY

ROADMASTER (GOYAL)

ROCHE PRODUCTS LTD

ROHIT (CHINUBHAINADILAL MEHTA)

ROLLATAINERS (BHARGAVA)

ROSHANLAL (SINGLAIGUPTA)

ROSSEL INDUSTRIES LTD (JOKAI INDIA)

373

374

375

376

377

378

379

380

381

382

383

384

385

386

387

388

389

390

39

39

39

39

39

39

39

39

39

40

40

40

40

1 RS HANUMANTHARAJU

2 RUCHI (SHAHRA)

3 RUIA

4 S KUMAR (KASLIWAL)

5 S RAMPURIA

6 SAHU JAIN

7 SAKTHI

8 SALGAOCAR

9 SAMTEL

0 SANDOZ INDIA LTD

1 SANDUR MANGANESE & IRON ORES LTD

2 SANDVIK ASIA LTD

3 SANMAR

Period of Origin

1951-65

1951-65

Up to 1950

1966-80

1981-90

1966-80

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1981-90

1951-65

Up to 1950

Up to 1950

1951-65

1966-80

1966-80

Up to 1950

1966-80

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

1951-65

1966-80

Up to 1950

1951-65

1951-65

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

18 16 20.86

1 1 8.39

3 1 0.90

9 9 22.48

2 2 3.97

184 132 173.62

12 9 2.19

3 2 5.97

4 4 4.33

33 7 0.64

5 4 1.34

4 4 5.20

6 6 6.73

1 1 4.81

13 11 3.33

4 4 2.07

5 4 0.88

1 1 2.50

2 2 0.77

6 4 15.54

28 15 5.71

7 3 2.38

6 6 3.05

27 19 35.97

12 12 27.96

17 17 6.28 • 4 3 26.44

1 1 5.30

1 1 2.30

1 1 5.78

20 18 19.61

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

353.12 114.22 288.28 F Indian-Family

49.06 11.12 87.59 F ** Foreign-MNC

42.29 13.58 49.12 F ** Indian-Family

168.23 75.92 177.47 F Indian-Family

16.12 5.55 34.56 F ** Indian-Family

3166.08 1503.43 2076.74 F Indian-Family

14.81 2.45 21.86 F ** Indian-Family

66.45 7.39 76.72 F ** Foreign-MNC

72.00 26.12 82.36 F ** Indian-Family

1.99 0.31 2.28 A** Indian-Family

68.29 19.09 0.00 F ** Indian-Family

31.45 23.97 17.85 F ** Indian-Family

49.41 16.56 43.85 F ** Indian-Family

26.51 9.05 57.64 F ** Foreign-MNC

67.21 26.36 94.58 A** Indian-Family

28.28 12.40 41.03 F ** Indian-Family

15.38 3.91 53.55 F ** Indian-Family

41.97 21.06 41.93 F ** Indian-Family

28.53 17.49 34.52 F ** Indian-Family

120.98 29.41 112.63 F Indian-Family

95.89 52.81 122.48 A Indian-Family

28.82 2.38 67.14 F ** Indian-Family

25.29 13.00 22.64 F ** Indian-Family

335.57 179.34 347.56 A Indian-Family

371.26 124.11 227.73 F Indian-Family

96.98 28.52 89.29 F ** Indian-Family

203.37 99.70 249.39 F Indian-Family

95.28 16.93 180.21 A Foreign-MNC

34.86 11.01 78.52 F ** Indian-Family

41.79 11.92 51.07 F ** Foreign-MNC

260.88 115.16 183.90 F Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

SANTOGEN (DEORA)

SARABHAI

SARASWATIIND. SYNDICATE

SARVARAYA

SCINDIA STEAM

SESA GOA(FINSIDER)

SESHASAYEE

SH KELKAR

SHAPOORJI PALLONJI

SHAW WALLACE

SHREE ACIDS. & CHEMICALS L TO

SHREE RAJASTHAN SYNTEX L TO

SHREE VALLABH GLASS WORKS L TD(TAKTAWALA)

SHRIAMBICA

SHRI DINESH MILLS (UM PATEL)

SHRI RAM

SHRIYANS PRASAD JAIN

SHROFF (EXCEL INDUSTRIES)

SIDDHO MAL (LK JAIN)

SIEMENS LTD

SIMBHAOLI SUGAR MILLS L TO (MANN)

SIMON CARVES INDIA L TO

SIMPSON

404

405

406

407

408

409

410

411

412

413

414

415

416

417

418

419

420

421

422

423

424

425

426

42

42

42

43

43

43

43

43

7 SIR SHAOILAL ENTERPRISES L TO

8 SIYARAM PODDAR

9 SKF

0 SM SHETTY

1 SOLIDAIRE INDIA LTD

2 SOMAIYA

3 SOMANI

4 SOMANY HL

Period of Origin

1966-80

Up to 1950

Up to 1950

Up to 1950

1951-65

Up to 1950

1951-65

Up to 1950

Up to 1950

1966-80

1966-80

1951-65

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

1951-65

1951-65

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

1981-90

1966-80

Up to 1950

Up to 1950

Up to 1950

No. of Cos. FD Paid-Up Cos./Firms Capital

7 2 2.42

32 21 42.53

4 4 3.66

5 4 2.20

3 3 19.27

2 2 5.85

11 10 14.79

4 4 1.08

20 18 26.12

80 68 87.52

1 1 2.59

1 1 2.64

1 1 2.89

33 30 16.37

4 2 1.65

39 34 81.55

15 10 10.37

12 11 13.08

4 4 10.78

1 1 20.77

1 1 3.06

1 1 0.90

32 31 33.39

1 1 1.71

9 8 11.60

2 2 24.79

8 4 7.92

1 1 2.28

17 9 5.57

13 12 14.85

15 15 15.60

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

31.70 12.06 43.47 F ** lndian-F amily

357.28 132.73 291.28 A Indian-Family

134.06 14.32 192.74 A Indian-Family

40.63 12.51 74.63 F •• Indian-Family

99.93 70.63 49.77 A** Indian-Family

52.92 21.10 76.07 F •• Foreign-MNC

126.58 61.26 128.88 A Indian-Family

36.23 3.91 37.35 F •• Indian-Family

218.88 71.56 247.02 A Indian-Family

1011.69 309.12 1392.27 A Foreign-NRI

27.02 11.71 35.92 F •• Indian-Family

20.66 7.10 33.47 F •• Indian-Family

19.72 9.15 29.27 F •• Indian-Family

144.94 78.50 128.58 A Indian-Family

49.29 21.01 47.44 F •• Indian-Family

992.96 340.68 1464.49 A Indian-Family

112.45 61.28 156.12 A lndian-F amily

175.32 60.49 215.30 c Indian-Family

79.65 38.33 52.70 F •• lndian-F amily

260.03 40.33 445.22 A Foreign-MNC

51.05 25.05 36.66 F •• Indian-Family

15.35 1.06 9.28 A** Foreign-Other

·389.69 92.75 721.17 A Indian-Family

31.26 6.75 53.23 F •• Indian-Family

162.84 62.73 217.47 F Indian-Family

200.93 83.40 166.45 c Foreign-MNC

62.78 35.24 70.78 F •• Indian-Family

39.30 5.97 69.34 F •• Indian-Family

97.73 33.35 89.09 E Indian-Family

158.65 61.90 218.96 c Indian-Family

228.72 111.42 261.81 c Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

SOORAJMULL NAGARMULL

SOUTH INDIA SHIPPING

SP SINHA

SPARTEK( KP TRIPURANENI) (1983/1960)

SRI VENKATESA MILLS (V GENGASWAMY)

STEEL STRIPS (GARG)

"STEEL TUBES OF INDIA

STEELAGE INDUSTRIES(ERANI)

STERLING COMPUTERS L TD(C SIVASANKARAN)

STERLITE(ANIL AGARWAL)

STONE INDIA L TO

SUCHITRA(K KRISHNAM RAJU)

7 SUKHJIT STARCH(SARDANA)

435

436

437

438

439

440

441

442

443

444

445

446

44

44

44

45

45

45

45

45

45

45

45

45

45

46

46

46

46

46

46

8 SUN FLAG IRON & STEEL CO L TO

9 SUPER HOUSE (KAREEM & AMIN)

0 SU-RAJ (JATIN R MEHTA)

1 SURYAAGROOILS LTD

2 SWAIKA

3 SWEDISH MATCH

4 TALBROS (TALWAR)

5 TALUKDAR LAW

6 TANTIA (1876/1928)

7 TAPARIA (SUPREME INDUSTRIES)

8TATA

9 TCI-BHORUKA

0 TENNECO

1 TGL

2 TGV NAIDU

3 THACKERSEY

4 THAPAR

5 THAPAR AGRO

Period of Origin

Up to 1950

Up to 1950

Up to 1950

1981-90

Up to 1950

1966-80

1951-65

Up to 1950

1981-90

1966-80

Up to 1950

1966-80

1981-90

1966-80

1966-80

1981-90

Up to 1950

Up to 1950

1951-65

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

Up to 1950

1966-80

1951-65

Up to 1950

Up to 1950

1966-80

No. of Cos. FD Paid-Up Cos./Firms Capital

94 80 37.81

3 3 6.24

6 6 5.50

4 3 6.79

3 3 0.92

16 15 30.82

2 2 8.04

2 2 2.24

1 1 4.99

4 2 3.28

1 1 2.48

4 4 7.94

2 2 1.62

1 1 63.29

5 4 1.65

2 1 7.70

1 1 10.84

9 9 0.47

7 7 21.46

8 7 4.97

3 3 0.11

4 4 6.92

5 4 8.57

172 151 813.14

13 13 17.93

2 2 2.17

5 3 20.17

2 2 5.39

22 16 5.51

75 70 156.61

4 4 8.07

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

238.15 115.56 208.90 A Indian-Family

164.46 124.11 80.06 A Indian-Family

91.25 25.53 112.63 D Indian-Family

63.49 32.55 42.28 F •• Indian-Family

22.26 6.57 31.49 F •• Indian-Family

172.98 91.68 165.00 F Indian-Family

68.89 24.29 74.27 F •• Indian-Family

29.39 6.04 36.88 F •• Indian-Family

44.41 2.35 64.87 F •• Indian-Family

61.99 25.86 78.99 F •• Indian-Family

15.34 2.63 23.09 F •• Foreign-MNC

35.39 12.57 21.37 F •• Indian-Family

15.91 5.02 25.54 F •• Indian-Family

330.74 265.78 3.44 F Foreign-NRI

20.58 5.13 23.11 F •• Indian-Family

141.99 4.43 135.49 F Indian-Family

36.55 16.76 61.35 F •• Indian-Family

7.84 2.04 26.44 F •• Indian-Family

112.00 33.33 139.87 A Foreign-MNC

30.51 13.56 34.34 F •• Indian-Family

0.14 0.01 0.00 A** Indian-Family

47.29 31.38 55.67 F •• Indian-Family

108.10 55.48 133.98 F Indian-Family

10921.51 4143.25 10434.48 A Indian-Family

153.23 75.48 274.38 F Indian-Family

18.09 3.82 26.39 F •• Foreign-MNC

105.20 73.28 62.20 F Indian-Family

18.30 9.24 17.12 F •• Indian-Family

85.-80 30.81 122.43 A Indian-Family

2306.76 949.42 2387.13 A Indian-Family

68.21 26.26 53.82 F •• Indian-Family

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY

THERMAX

THIAGARAJA

THOMAS COOK (INDIA) L TO

TORRENT(U MEHTA)

TRIDENT(RAJINDER GUPTA)

TRIVENI (SAWHNEY)

TRIVENI SHEET GLASS WORKS L TD(SN AGARWAL)

TTK

TURNER MORRISON

TVS IYENGAR

UDAYAR N RAMASWAMY

UGAR SUGAR WORKS L TD(SHIRGAOKAR)

UHDE INDIA L TO.

UNICHEM LABORATORIES LTD(AV MODY)

UNIFERO(NETERWALA)

UNION CARBIDE INDIA L TO

UNIPLAS INDIA L TD(BAKSHI)

UNIPON (INDIA) LTD(HN PATEL)

UNITECH

UNITED (RAJ KUMAR GUPTA)

UNITED BREWERIES

166

167

168

169

170

171

172

173

174

175

176

177 478 479 480 481

482 483

484

485 486

48 48

48 49

49 49

49 49

49 49

7 UNITED CARBON INDIA LTD(ALOK GUPTA)

8 UNIVERSAL RADIATORS

9 USHA

0 USHA MARTIN

1 UTILITY

2 UTILITY ENGINEERS

3 UTTAM GALVA STEELS L TD(MIGLANI)

4 V RAMAKRISHNA

5 VIDEOCON (DHOOT)

6 VIKRANT TYRES L TO

l.;J -.J l.;J

Period of Origin

1966-80

Up to 1950

Up to 1950

1951-65

1966-80

Up to 1950

1966-80

Up to 1950

Up to 1950

Up to 1950

Up to 1950

Up to 1950

1951-65

1951-65

Up to 1950

1966-80

1966-80

1966-80

1966-80

Up to 1950

1951-65

1966-80

1951-65

Up to 1950

1966-80

1966-80

1981-90

Up to 1950

1951-65

1966-80

No. of Cos. FD Paid-Up Cos./Firms Capital

5 2 9.26

50 19 7.91

1 1 1.05

6 5 1.46

3 2 2.51

11 11 7.18

1 1 1.17

16 15 16.15

9 9 3.74

72 66 120.34

12 12 13.04

1 1 2.00

1 1 0.90

1 1 1.35

4 4 3.62

1 1 32.58

1 1 2.12

1 1 2.81

5 5 8.76

16 14 35.44

66 61 96.09

1 1 2.80

4 4 1.08

29 24 21.37

35 27 24.39

4 2 5.78

4 2 5.78

1 1 6.25

20 17 25.17

4 2 11.69

1 1 11.40

Assets Net Fixed Income/ Category Nature of Controlling Assets Turnover Authority

87.71 19.41 226.13 F Indian-Family

103.38 47.23 135.45 A Indian-Family

19.42 4.02 8.82 F •• Foreign-MNC

74.69 14.12 95.22 F •• Indian-Family

25.03 10.22 35.00 F •• Indian-Family

148.28 52.23 208.49 0 Indian-Family

24.49 9.50 38.44 F •• Indian-Family

98.47 31.60 141.34 E Indian-Family

36.27 9.11 44.88 A** Indian-Family

1268.75 301.33 1499.60 A Indian-Family

216.71 55.53 314.52 F Indian-Family

42.91 7.63 71.46 F •• Indian-Family

15.37 0.00 15.02 F •• Foreign-MNC

31.44 11.91 52.85 F •• Indian-Family

76.59 10.04 94.32 F •• Indian-Family

105.48 24.89 234.19 A Foreign-MNC

62.36 9.98 50.49 F •• Indian-Family

15.90 9.00 29.71 F •• Indian-Family

117.56 5.93 62.10 F Indian-Family

156.42 94.56 35.32 F Indian-Family

1613.74 545.94 1494.58 B Indian-Family

20.74 1.52 30.69 F •• Indian-Family

16.40 2.43 21.14 F •• Indian-Family

201.60 88.79 150.02 F Indian-Family

294.44 111.01 311.24 D Indian-Family

48.09 5.38 28.47 F •• Indian-Family

48.09 5.38 28.47 F •• Indian-Family

78.87 23.45 74.46 F •• Indian-Family

359.09 116.26 363.04 A Indian-Family

187.48 44.51 465.49 F Indian-Family

138.92 42.44 218.84 F Indian-Non Family

497

498

499

500

501

502

503

504

505 506

507

508 509

Table A.3.3: 509 Sample Enterprises- Period of Origin, Number of Companies, Financial details, Category and Controlling Authority, 1990

GROUP/COMPANY Period of No. of Cos. FD Paid-Up Assets Net Fixed Income/ Category Nature of Controlling Origin Cos./Firms Capital Assets Turnover Authority

VIPPY SOL VEX PRODUCTS L TD(MUTHA) 1966-80 1 1 1.40 10.87 3.13 32.69 F ** Indian-Family

VISSANJI Up to 1950 11 7 4.22 120.41 67.21 81.40 A Indian-Family

VSDEMPO Up to 1950 19 17 9.85 96.85 27.88 127.93 F Indian-Family

W.S INDUSTRIES INDIA (V SRINIVASAN) 1951-65 11 9 10.09 98.18 40.15 91.29 F ** ln"dian-Family

WALCHAND Up to 1950 19 18 42.31 804.26 248.40 941.37 A Indian-Family

WARREN TEA (V GOENKAIRUIA) Up to 1950 4 4 4.91 84.23 61.24 72.87 F ** Foreign-NRI

WESTERN INDIA PLYWOODS Up to 1950 3 3 3.55 35.02 5.65 27.34 F ** Indian-Family

WESTERN INDIA(GADGIL) 1951-65 2 2 3.06 22.00 1.11 21.08 F ** Indian-Family

WESTON 1966-80 3 2 5.01 72.15 16.17 119.38 F ln"dian-Family

WI PRO Up to 1950 10 5 10.07 184.66 45.16 304.12 F Indian-Family

WYETH (AMERICAN HOME PRODUCTS) Up to 1950 4 4 4.18 54.50 3.77 137.90 D Foreign-MNC

XLO (SC SARAN) 1951-65 10 8 11.17 52.25 23.42 52.10 F ** Indian-Family

ZENITH COMPUTERS(RAJKUMAR SARAF) 1966-80 2 2 1.37 16.38 1.88 26.02 F ** Indian-Family

Table A.3.4 Companies of Large Groups, 1990

A.H. BHIWANDIWALLA

1 A H BHIWANDIWALLA & CO.

2 A H BHIWANDIWALLA & CO.(BOMBAY) PVT. LTD.

3 ADVERTS PVT. LTD.

4 BIKA Y LIQUORS PVT. LTD.

5 BOMBAY SUGAR MARKET LTD.

6 DHIRVIJAY INVESTMENT CO. PVT. LTD.

7 GREAT ATWOOD LTD

8 GREAT EASTERN SHIPPING COL TD

9 K B H M D H BHIWANDIWALA & COMPANY

10 MDSV TRADING & INVESTMENT CO. PVT. LTD.

11 NEON SIGNS (INDIA) LTD.

12SKL&CO.

13 SAN ROSE INVESTMENT CO. PVT. LTD.

14 SUVIBHA INVESTMENT CO. LTD.

ALLANA

1 ALLANA BROS. PVT. LTD.

2 ALLANA CHEMICALS & OILS(INDIA) PVT. LTD.

3 ALLANA COLD STORAGE LTD.

4 A LLANA EXPORTS LTD.

5 A LLANA FROZEN FOODS PVT. LTD.

6 ALLANA HOLDINGS PVT. LTD.

7 A LLANA IMPEX PVT. LTD.

8 A LLANA IMPORTS & EXPORTS PVT. LTD.

9 ALLANA INVESTMENTS & TRADING CO. PVT. LTD.

10 ALLANA SERVICES PVT. LTD.

11 A LLANA SONS PVT. LTD.

12 FRIGORIFCO A LLANA LTD

13 IVP LIMITED

A MIN

1 ALEMBIC CHEMICALS WORKS CO LTD

2 ALEMBIC GLASS INDUSTRIES LTD

3 ALGEN LTD.

4 BHARAT LINDNER PVT. LTD.

5 DYANAMO DIELECTRIES

6 JYOTI CONSULTANTS LTD.

7 JYOTI ELECTRIC MOTORS LTD.

8 JYOTI LTD

9 JYOTI SWITCHGEARS LTD.

10 NIMA LTD.

11 PAUSHAK LTD

12 SHRENO LTD.

13 SUNSTRIP (INDIA) LTD.

14 VAFA PRODUCTS

15 WE BEL JYOTI POWEER ELECTRONICS LTD

AMRIT BANASPATI

1 AMRIT AGRO INDUSTRIES LTD

2 AMRIT BANASPATI CO LTD

3 AMRIT HOLDINGS LTD.

4 AMRIT HORTICULTURAL PVT. LTD.

5 AMRIT INTERNATIONAL LTD.

6 AMRIT LABORATORIES LTD.

7 AMRIT PROTEIN FOOD LTD

8 AMRIT STEELS LTD

ANDHRA SUGARS

1 ANDHRA FARM CHEMICALS CORPN LTD

2 ANDHRA PETRO CHEMICALS LTD

3 ANDHRA SUGARS LTD

4 HINDUSTAN ALLIED CHEMICALS LTD.

5 JALAKSHMI OIL & CHEMICAL INDUS. LTD

6 JAYALAKSHMI COTTON & OIL MILLS LTD

7 SREE AKKAMBA TEXTILES LTD.

AN SAL

1 ANSAL ENGINEERING PROJECTS LTD.

2 AN SAL FIBRES & PAPERS LTD.

3 ANSAL HOUSING & ESTATES PVT. LTD.

4 ANSAL HOUSING AND CONSTRUCTION LTD

5 ANSAL PROPERTIES & INDUSTRIES LTD

6 ANSAL REP CONSTRUCTION (INTERNATIONAL) LTD.

APEEJAY

1 AMINCHAND PYARELAL

2 APEEJAY AGENCIES PVT. LTD.

3 APEEJAY CHEMICAL INDUSTRIES PVT. LTD.

4 APEEJAY DEVELOPMENT PVT. LTD.

5 APEEJAY EDUCATION ASSOCIATION LTD.

6 APEEJAY ENGINEERING PVT. LTD.

7 APEEJAY EXIMP PVT. LTD.

8 APEEJAY FINANCING CORPORATION LTD.

9 APEEJAY INDUSTRIES PVT LTD

10 APEEJAY LTD

11 APSARA (firm)

12 ARUNA ESTATES PVT. LTD.

13 ASIAN SIGNAL INDUSTRIES PVT. LTD.

14 ASSAM FRONTIER TEA LTD.

15 ASSOCIATED WIRES & CONDUCTORS

16 OAKS COPY SERVICES PVT. LTD.

17 DALAMAL COOP ENTERPRISES

18 DIVINE AGENCIES PRIVATE LTD.

19 EMPIRE PLANTATIONS (INDIA) LTD

20 FLURY'S SWISS CONFECTIONERY PVT. LTD.

21 KATHUA STEEL WORKS PVT. LTD.

22 MADHUSUDHAN SHIPPING AGENTS PVT. LTD.

23 MARTIN & HARRIS LTD.

24 METAL IMPORT (PVT.) LTD.

25 NEW BOMBAY PARK HOTELS LTD.

26 OHMIC INDUSTRIES

27 ORIENTAL SPUN PIPE

28 PARK HOTEL PVT. LTD.

29 PRABHAG INVESTMENTS PVT. LTD.

30 PUNJAB ESTATES

31 SAGAR SHIPPING CO. LTD.

32 SINGLO (INDIA) TEA CO LTD

33 STEEL CRETE PVT LTD

34 SURENDRA INDUSTRIES BOMBAY PVT LTD

375

35 SURENDRA OVERSEAS L TO

36 THOMAS MOUGET & CO. (INDIA) LTD.

37 USHA FORGING & STAMPING

38 WALTER BUSHNELL L TO.

ARYA

1 ARYA ACETYLENE LTD.

2 BINDAL LEASING PVT. LTD.

3 BINDAL SYNTHETICS PVT. L TO.

4 BINDAL TEXTILE MILLS LTD

5 BLUE BLENDS (INDIA) LTD

6 BLUE BLENDS FINANCE CO. LTD

7 BLUE BLENDS LEASING PVT. LTD.

8 BLUE BLENDS PETROCHEMICALS LTD.

9 CHEERAG CARBIDE L TO.

10 CHEERAG IND'AL & MNGMT CONSULT. PVT. LTD.

11 ELEOTE ELECTRO CHEMICALS LTD.

12 HONEST INVESTMENT LTD.

13 JAYBHARAT FABRICS MILLS LTD

14 JBF SYNTHETICS L TDS

15 PREMIER SYNTETHETICS PROCESS LTD

ASEA BROWN BOVERI.

1 ASEA BROWN BOVERI LTD.

2 GUJARAT PRIME MOVERS LTD.

3 INTEGRA HINDUSTAN CONTROL LTD.

4 NATIONAL SWITCH GEARS L TO

ASHOK LEYLAND (HINDUJA)

1 ASHOK LEYLAND FINANCE L TO.

2 ASHOK LEYLAND LTD.

3 AUTOMOTIVE COACHES & COMPONENTS LTD.

4 ENNORE FOONDRIES LTD

ASIAN PAINTS

1 APCOTEX LATTICES PVT. LTD.

2 ASIAN PAINTS (INDIA) LTD.

3 CHOKSEY CHEMICALS PVT. L TO.

4 HINDUSTAN MINERAL PRODUCTS CO. LTD.

5 MAZDA DYE-CHEM PVT. L TO.

6 PENT ASIA CHEMICALS LTD

ATLAS CYCLES

1 ATLAS CYCLE INDUSTRIES (INDIA) LTD.

2 MIL TON CYCLE INDUSTRIES LTD.

BAJAJ

1 AKHIL INVESTMENTS & TRADERS PVT. LTD.

2 BACHHRAJ & CO. LTD.

3 BACHHRAJ FACTORIES L TO:

4 BAJAJ AUTO FINANCE LTD

5 BAJAJ AUTO HOLDINGS LTD.

6 BAJAJ AUTO LTD

7 BAJAJ ELECTRICALS L TO

8 BAJAJ HINDUSTAN LTD

9 BAJAJ INTERNATIONAL P LTD.

10 BAJAJ SEVASHRAM LTD.

11 BARODA INDUSTRIES PVT. L TO.

12 BECO ENGG. CO. LTD

13 CONSTRUCTION BOARDS LTD.

14 DECCAN A YURVEDASHRAM PHARMACY LTD.

15 GIRNAR ENGG. AGENCIES PVT. L TO.

16 GUJARAT ELECTRO CHEM. LTD.

17 HERCULES HOISTS LTD.

18 HIND LAMPS LTD

19 HIND MUSAFIR AGENCY PVT. L TO.

20 HIND RECTIFIERS LTD.'

21 HINDUSTAN HOUSING CO. LTD.

22 INCON STEEL PVT. L TO.

23 INDIAN PRODUCTS TRADING CO. LTD.

24 INFIN CONSULTANTS PVT. LTD.

25 ISPL INDUSTRIES LTD

26 JALEX CONNECTOR SYSTEMS L TO.

27 JAMNALAL & SONS L TO

28 JAY ELECTRIC WIRE CORPN LTD

29 JEEWAN LTD.

30 JEEWANLAL ENGINEERING LTD.

31 KAYCEE INDUSTRIES LTD.

32 KSHITIJ HOLDINGS & ENGINEERING PVT. LTD.

33 MAHARASHTRA SCOOTERS LTD

34 MUKAND IRON & STEEL WORKS LTD.

35 MUKUND CONSTRUCTION & PROJECTS ENGG. C

36 MUKUND DRAVOWELLMAN PVT. LTD.

37 MUKUND HOLDINGS LTD.

38 NIRMAN EXPORT IMPORT PVT. L TO.

39 RAJ IV ENGINEERING & INVESTMENTS PVT. LTD.

40 SAFAL YA INVESTMENTS & TRADERS PVT. LTD.

41 SHARDA SUGAR & INDUSTRIES L TO

42 SUYOJIT INVESTMENT & ENGINEERING PVT. L Tl

43 VALIANT INVESTMENTS & TRADERS PVT. LTD.

, BANGUR

1 AGENCIES (RAJASTHAN) PVT. LTD.

2 AMALGAMATED DEVELOPMENT LTD.

3 AMRIT-VILA INVESTMENTS

4 ANDHRA PRADESH PAPER MILLS LTD

5 ASSOCIATED PIGMENTS LTD.

6 BANGUR BROTHERS LTD

7 BANGUR BROTHERS LTD.

8 BANGUR LAND DEVELOPMENT CORPN. LTD.

9 BENGAL PAPER MILLS CO L TO.

10 BHAWANI PETROCHEM L TO.

11 BOMBAY AGENCY CO. PVT. LTD.

12 BOND CO. LTD.

13 BOWREAH COTTON MILLS CO. LTD

14 CALCUTTA COMPANY LTD.

15 CAM BAY INVESTMENT CORPN. LTD.

16 CARBO CEMARICS L TO

17 CERES CO. PVT. LTD.

18 CLR FOUNDATION PVT. LTD.

19 CONCAST STEEL & ALLOYS

20 COWCOODY ESATES LTD.

21 DIAMOND CO. LTD.

376

22 DIDWANA INDUSTRIAL CORPORATION L TO.

23 DIGVIJAY INVESTMENTS LTD

24 DOUGLAS FRASER INDIA

25 DUBLABERA MINING CO. PVT. L TO.

26 DUNBAR MILLS L TO

27 EMERALD COMPANY L TO.

28 EQUINOX CO.

29 EQUINOX SEMICONDUCTOR L TO

30 EXCELSIOR MILL SUPPLY CO. L TO.

31 FORT GLOSTER INDUSTRIES L TO

32 FORT WILLIAM CO.L TO

33 FORTUNE INVESTORS & TRADERS

34 G & K SHIPPING PVT. L TO.

35 G LOCH EN & CO. PVT. L TO.

36 GENERAL INVESTMENT CO. L TO.

37 GENERAL TRADING (SAMBHAR) PVT. LTD.

38 GOLD COMPANY L TO.

39 GOLD MOHORE INVESTMENT CO. L TO.

40 GRAPHITE INDIA L TO

41 GRAPHITE PRODUCTS L TO.

42 GRAPHITE VICARS INDIA L TO

43 HIMALAYA CO. LTD.

44 HURRILADIH COAL CO. L TO.

45 INDIA PAINT & COMMERCIAL CO. LTD.

46 INDIAN COTTON PURCHASERS L TO.

47 INDIAN TEXTILE AGENCY LTD.

48 INDIAN TEXTILES CO L TO

49 INDIAN TUBE MILLS & METAL INDUSTRIES LTD.

50 I NORA CO. L TO.

51 INDRAVATI PAPER MILLS LTD.

52 JAGDISHPUR CO. L TO.

53 JALALGARH RICE & OIL MILLS

54 JAYSHREE CHEMICALS LTD

55 JODHAN INVESTMENT & FINANCE CORPN. L TO.

56 JOONKTOLLEE TEA & INDUSTRIES L TO.

57 KALASA TEA & PRODUCE CO. L TO.

58 KAMLA CO. L TO.

59 KETTLEWELL BULLEN & COL TO

60 KILKOTAGIRI TEA & COFFEE ESTATE COL TO

61 KISHORE TRADING CO. LTD.

62 KUNCHANGANGA COMPANY L TO.

63 LAXMI ASBESTOS PRODUCTS L TO.

64 LAXMI CEMENT DISTRIBUTORS PVT. L TO.

65 LAXMI SALT CO. PVT. L TO.

66 M B COMMERCIAL CO. PVT. L TO.

67 MADHAV TRADING CORPORATION L TO.

68 MAHARAJA SHREE UMAID MILLS L TO

69 MAHIN ORA COMPANY L TO.

70 MARINE & GENERAL INSURANCE CO. LTD.

71 MARWAR TEXTILE (AGENCY) L TO.

72 MOTHALA COMPANY L TO.

73 NATIONAL INVESTMENT CO. L TO.

74 OCEANIC NAVIGATION CO. LTD.

75 ORIENTAL CO. L TO.

76 PANNA TRADING CO. PVT. L TO.

77 PERIYA KARAMALAI TEA&PRODUCE CO L TO

78 PHOSPHATE CO. L TO.

79 PLACID L TO.

80 PORT SHIPPING CO L TO

81 RAJASTHAN CONSTRUCTION CO. LTD.

82 RAJASTHAN MERCANTILE CO. LTD.

83 SECURITY CO L TO

84 SHALIMAR ROPE WORKS L TO.

85 SHREE BAIKUNTH NATH TONG & INV CO. LTD.

86 SHREE CEMENT L TO

87 SHREE DIGVIJAY CEMENT CO. L TO

88 SHREE GOVIND COTTON CO. L TO.

89 SHREE KRISHNA AGENCY L TO.

90 SHREE LAXMI AGENTS L TO.

91 SHREE MADHUSUDAN MILLS L TO

92 SHREE SATYANARYAN INVESTMENT CO LTD

93 SHREE SUN INVESTMENT & TONG CORPN. L TO.

94 SHREE SWASTIK PROPERTIES PVT. L TO.

95 SHREE SYNTHETICS L TO

96 SHREE VI JAY CHEMICAL & CELLULOID WORKS L TO.

97 SIBPUR MILLS L TO.

98 SRINIWAS TRADING CORPORATION L TO.

99 STAR COMPANY L TO.

100 SWADESHI COMMERCIAL CO. LTD.

101 THIRUMBADI RUBBER CO. LTD.

102 UNION COMPANY L TO.

103 UNITED MERCANTILE CO. PVT. L TO.

104 VENKTESH COMPANY L TO.

105 VIJAYLAXMI LTD.

106 WEST BENGAL PROPERTIES LTD.

107 WEST COAST PAPER Ml LLS L TO

108 WESTERN INDIA COMMERCIAL CO. LTD.

109 WIRE CRAFTS LTD.

BHARAT FORGE (KALYANI)

1 AUTOMOTIVE AXLES LTD.

2 BHALCHANDRA INVESTMENT L TO.

3 BHARA T FORGE L TO

4 CHAKRAPANI INVESTMENTS & TRADES L TO.

5 CHAKRAPUSHPA INVESTMENT & FINANCE L TO.

6 CORNFLOWER INVESTMENT & FINANCE L TO.

7 DANDAKARANYA INVESTMENT & TRADING L TO.

8 DRONACHARYA INVESTMENT & TRADING LTD.

9 ELLORA ENGINEERING CO. L TO

10 FORGE INVESTMENT L TO.

11 HASTINAPUR INVESTMENTS & TRADING L TO.

12 HIKAL CHEMICAL INDUSTRIES LTD.

13 JALAKAMAL INVESTMENT & FINANCE L TO.

14 JALAKUMBHIINVESTMENT & FINANCE LTD.

15 KALYANI BRAKES LTD

16 KALYANI SHARP INDIA LTD

17 KALYANI STEELS LTD

377

18 MUNDHWA INVESTMENT LTD.

19 STARFLOWER INVESTMENT & FINANCE LTD.

20 SURAJMUKHI INVESTMENT & FINANCE LTD.

BHARAT HOTELS

1 BHARAT HOTELS LTD

2 DEEKSHA HOLDING PVT. LTD.

3 DELHI AUTOMOBILES LTD

4 JYOTSNA HOLDINGS PVT LTD

5 SUBROS LTD

BHARAT VIJAY MILLS

1 BHARATVIJAY MILLS LTD

2 BVM-POL YESTERS AND CHEMICALS LTD

3 CELLULOUS PRODUCTS OF INDIA LTD

4 DIAMINES & CHEMICALS LTD

5 MAN ISH ORGANICS INDIA LTD

BHARTIA ML

1 BHARTIA SONS LTD.

2 HINDUSTAN WIRES LTD

3 INDIA GLYCOLS LTD

4 INSIDCO LTD.

5 ORGANIC CHEMICALS LTD

6 RAM GANGA FERTILISERS LTD

7 VAM INVESTMENTS LTD.

8 VAM LEASING LTD.

9 VAM ORGANIC CHEMICALS LTD

BHARTIA OP

1 BHARTIA BACHAT LTD.

2 BHARTIA CUTLER HAMMER LTD

3 BHARTIA HOLDINGS PVT. LTD.

4 BHARTIA INTERNATIONAL PVT. LTD.

5 BHARTIA INVESTMENTS LTD.

6 BHARTIA NIRMAN UDYOG PVT. LTD.

7 BHARTIA POWER LOOM FACTORY PVT. LTD.

8 BHARTIA VIDYUT INDIA PVT. LTD.

9 EAST INDIA COMMERCIAL CO. LTD.

10 EAST INDIA COTTON MFG. CO. LTD

11 INDICARB LTD

BINANI-DAMANI

1 BINANI BROTHERS PVT. LTD.

2 BINANI ESTATES PVT. LTD.

3 BINANI METALS LTD

4 BINANI TRADERS PVT. LTD.

5 BINANI ZINC LTD · '

6 DE CON MERCANTILE LTD.

7 DEMPO MERCANTILE LTD.

8 GALLANT HOLDINGS LTD.

9 JAMSHRI RANJIT SINGHJI SPG&WVG MILLS CO.

10 MANJUSHREE HOLDINGS LTD.

11 MULTI-METALS LTD

12 RASHTRIYA METAL INDUSTRIES LTD.

13 SAMBHAW HOLDINGS LTD.

14 SIMPLEX MILLS COL TD

15 STAR METAL REFINERY LTD.

16 VIJAYSHREE HOLDINGS LTD.

BIRLA

1 ZENITH LTD

2 DAGGERR-FORST TOOLS LTD

3 HINDALCO INDUSTRIES LTD

4 INDIAN SMELTING AND REFINING COMPANY LTD.

5 KARNATAKA PULP WOOD LTD

6 TEXMACO lTD

7 CIMMCO LTD

8 HINDUSTAN MOTORS LTD

9 BIRLA KENNAMETAL LTD

10 BIRLA YAMAHA LTD

11 INDO GULF FERTILIZERS&CHEMICHALS CORP LTD

12 TAMIL NADU FLOURINE&ALLIED CHEMICALS LTD

13 ZUARI AGRO CHEMICALS LTD

14 HUKUMCHAND JUTE & INDUSTRIES LTD

15 BIRLA JUTE & INDUSTRIES LTD

16 BIHAR CAUSTIC & CHEMICALS LTD

17 BIRLA COTTON SPG. & WVG. MILLS LTD

18 CENTURY TEXTILE & INDUSTRIES LTD

19 KESORAM INDUSTRIES & COTTONS MILLS LTD

20 GUJARAT INSTRUMENTS LTD.

21 WEBEL COMMUNICATION INDUSTRIES LTD

22 ECE INDUSTRIES LTD

23 UNIVERSAL CABLES LTD.

24 VINDHYA TELELINKS LTD

25 INDIAN RAYON AND INDUSTRIES LTD

26 BHARA T COMMERCE & INDUSTRIES LTD

27 CENTURY ENKA LTD

28 VXL (INDIA) LTD

29 TRANS ASIA CARPETS LTD

30 GRASIM INDUSTRIES LTD

31 JAYSHREE TEA & INDUSTRIES LTD

32 MY SORE CEMENTS LTD

33 MANGALAM CEMENT LTD

34 GOBIND SUGAR MILLS LTD.

35 NEW INDIA SUGAR MILLS LTD.

36 UPPER GANGES SUGAR & INDUSTRIES LTD.

37 INDIA STEAMSHIP CO LTD

38 ORIENT PAPER & INDUSTRIES LTD

39 SIRPUR PAPER MILLS LTD

40 SUTLEJ COTTON MILLS LTD

41 KUSUM PRODUCTS"t:TD.

42 TUNGABHADRA INDUSTRIES LTD

43 HINDUSTAN GAS & INDUSTRIES LTD

44 MANGALAM TIMBER PRODUCTS LTD

45 HYDERABAD INDUSTRIES LTD

46 INDIA GYPSUM LTD

47 MALABAR BUILDING PRODUCTS LTD

48 JAIPUR FINANCE & DAIRY PRODUCTS LTD

49 NATIONAL ENGINEERING INDUSTRIES LTD

50 RENUSAGAR POWER CO LTD

51 HINDUSTAN TIMES LTD.

378

52 JIYAJEERAO COTTON MILLS L TO

53 CHAMBAL FERTILISERS & CHEMICALS L TO

54 RATNAKAR SHIPPING CO. LTD.

55 PI LAN I INVESTMENT & IN DUST. CORPN. L TO

56 KORES (INDIA) L TO

57 OUDH SUGAR MILLS L TO

58 ORIENT GENERAL INDUSTRIES L TO

59 BHARAT GENERAL & TEXTILE INDUSTRIES L TO

60 GENERAL MARKETING & MFG. CO. L TO.

61 TAYLOR INSTRUMENTS CO (I) LTD

62 DHAKESWARI COTTON MILLS L TO

63 INDIAN SMELTING & REFINING CO. L TO.

64 INDIAN PLASTICS L TO

65 WOOD CRAFT PRODUCTS L TO

66 MARIGOLD HOLDINGS & TRADING L TO.

67 PUN JAR PRODUCE & TRADING CO L TO

68 DAKSHINANCHAL FINANCE L TO.

69 HINDUSTAN POWERPLUS L TO

70 TURQOISE INVESTMENTS & FINANCE L TO.

71 TRAPTI TRADING & INVESTMENT L TO.

72 INDIA LINOLEUM L TO

73 INDORE EXPORTING & IMPORTING CO. L TO.

74 CENTRAL INDIA INDUSTRIES L TO.

75 KERALA SPINNERS L TO.

76 KICM INVESTMENT L TO.

77 MANGALORE REFINERY & PETROCHEMICALS.

78 KORON BUSINESS SYSTEMS LTD

79 AIR CONDITIONING CORPN. L TO.

80 BIRLA INTERNATIONAL L TO.

81 S LAL & CO. LTD.

82 ASIAN DISTRIBUTORS L TO.

83 HINDUSTAN HEAVY CHEMICALS L TO

84 EAST INDIA INVESTMENT CO. L TO.

85 BIRLA FRICKSON (TOOLS) L TO.

86 TRINITY TEXTILES L TO.

87 BIRLA BOMBAY PVT. LTD

88 SIRS ILK L TO

89 UNITED CREDIT L TO

90 BIRLA BROTHERS PVT. L TO

91 HINDUSTHAN DEALERS

92 VERA VAL FINANCE & INVESTMENT L TO.

93 UNITRON L TO.

94 BHARAT SUGAR MILLS L TO.

95 ORIENTAL VINYLS L TO

96 PADMAVATI RAJE COTTON MILLS LTD.

97 GWALIOR WEBBING CO. L TO.

98 INDIAN INDUSTRIAL TRADERS & DEALERS L TO.

99 BIRLA EASTERN (INVESTMENT) L TO

100 SUTLEJ COTTON MILLS SUPPLY AGENCY L TO.

101 SPECIAL ENGG. SERVICES L TO.

102 GODAVARI CORPN. LTD.

103 BIRLA EASTERN L TO.

104 INDIAN PRESS EXCHANGE L TO.

105 UNIVERSAL TRADING CO. LTD.

106 ASSAM JUTE SUPPLY CO. L TO.

107 UTTAR PRADESH TRADING CO. LTD.

108 GHILLIDARY TEA CO. L TO.

109 SCM INVESTMENT & TRADING CO. L TO.

110 SOORYA VANIJYA & INVESTMENTS LTD.

111 BARODA AGENTS & TRADING CO. L TO.

112 SUN HOLDING L TO.

113 VIDULA CHEMICALS & MFG. INDUSTRIES

114 PUNJAB GINNING & PRESSING CO. L TO.

115 RTM INVESTMENT & TRADING CO. L TO.

116 KALLOL COMMERCIAL CO.

117 DARBHANGA MARKETING CO. LTD.

118 HTL INVESTMENT & TRADING CO. L TO.

119 NILGIRI PLANTATIONS LTD.

120 SHRADHANJALIINVESTMENT & TRADING CO. LTD.

121 CENTRAL INDIA GENERAL AGENTS L TO.

122 JAMOD GINNING CO. PVT. L TO.

123 DAGGER-MASTER TOOL INDUSTRIES LTD.

124 RAJASTHAN INDUSTRIES LTD.

125 KAMAL TRADING CO. PVT. LTD.

126 SNOWTEMP ENGG. CO. LTD.

127 ZENITH DISTRIBUTORS & AGENTS L TO.

128 SEARCHLIGHT PUBLISHING HOUSE LTD.

129 LIONEL EDWARDS LTD.

130 HARGAON INVESTMENT & TRADING CO. L TO.

131 OSM INVESTMENT & TRADING CO. LTD.

132 RANCH I ENTERPRISES & PROPERTIES L TO.

133 BOMBAY TRADING CO. PVT. L TO.

134 UDIT INVESTMENT L TO

135 NATIONAL BEARING CO. (JAIPUR) L TO.

136 A IRA INVESTMENT & TRADING CO. L TO.

137 GWALIOR FINANCE CORPN. L TO.

138 UNITED CREDIT( BOMBAY) L TO.

139 HINDUSTAN MOTORS FINANCE CORPN. LTD.

140 MADHO PROPERTIES L TO.

141 UNIVERSAL TYRES L TO.

142 MINERALS & MINERALS LTD.

143 JUTE INVESTMENT CO. LTD.

144 JAIPUR DEVELOPMENT CO L TO

145 VISHWAROOPA INVESTMENT & TRADING CO. L TO.

146 PRODUCE & SHARE BROKERS LTD.

147 CHAMPARAN MARKETING CO. LTD.

148 INDIAN SHIPPING CO. L TO.

149 ORIENTAL MACHINERY & CIVIL CONSTRUCTION LTD

150 INDIA SILICA MAGNESITE WORKS L TO.

151 PEGASUS PRIMA PRODUCTS (INDIA) PVT. L TO.

152 GOLDEN INSULATION & ENGINEERING LTD.

153 HERCULES TRADING CORPN. PVT. L TO.

154 JAY ANT INVESTMENT CORPN. PVT. L TO.

155 OCM INDIA L TO.

156 HYDERABAD AGENCIES PVT. L TO.

157 HINDUSTAN DISCOUNTING CO. LTD.

379

158 EASTERN EQUIPMENT & SALES LTD.

159 SHREE SERVICES & TRADING CO. L TO.

160 AJAX. BUSINESS SERVICES LTD.

211 INVESTMENT SECURITIES TRUST PVT. L TO.

212 I T INVESTMENT & TRADING CO. L TO.

213 SNP INVESTMENT & TRADING CO. L TO.

161 COMMUNICATION CONSULTANTS & SERVICES PVT. LTrJ14 BIRLA HOLDINGS LTD.

162 BRITEX INDIA LTD. 215 U G T INVESTMENT & TRADING CO. LTD.

163 AMER INVESTMENTS (DELHI) LTD.

164 USHA FLOWELL L TO.

216 VASAVADATTA INVESTMENT & TRADING CO. LTD.

217 COLUMNEA LTD.

165 ASSOCIATED INDUSTRIAL DEVELOPMENT CO. PVT. L TCZ.18 BILLBERGEA L TO.

166 RAJPUR FARMS LTD.

167 BIRLA SALT & CHEMICALS L TO.

168 GANGA PROPERTIES LTD.

169 BIRLACONSULTANTS LTD.

219 CONDIDES L TO.

220 PONDEROSA HOLDINGS L TO.

221 VITTATUM LTD.

222 ARVENTEA L TO.

170 EXPRESS DAIRY COMPANY L TO.

171 SARAN TRADING CO. L TO.

172 METHOD TRADING & INVESTMENT L TO.

173 CHANDAUSI RICE MILLS LTD.

223 CHINTPURNI INVESTMENT & TRADING CO. L TO.

224 PANCHMUKHI INVESTMENT & TRADING CO. L TO.

225 TRAJA:X. INVESTMENT & TRADING CO. L TO.

226 GCC INVESTMENT & TRADING CO. L TO.

174 BIA:X. PACKAGING LTD.

175 NAVIN INVESTMENTS LTD.

227 JWALAMUKHI INVESTMENT & TRADING CO. L TO.

228 KUDRA INVESTMENT & TRADING CO. L TO.

176 ADITYA MARKETING AND MANUFACTURING PVT. LTD. 229 RAMESHWARA JUTE MILLS LTD.

177 CREATIVE INVESTMENT CO. LTD. 230 SUPRABHAT INVESTMENTS CO. LTD.

178 SHOBHNA TRADERS LTD. 231 VERAVAL PROPERTIES LTD.

179 ASHOK INVESTMENT CORPORATION 232 H M EXPORT LTD.

180 ORIENTAL ARTS LTD. 233 INDIAN PRODUCE CO. PVT. LTD.

181 AKSHAY TRADING CO. 234 BIRLA INDUSTRIAL INDIA LTD.

182 CRASSULA L TO. 235 GENERAL SYNTHETICS CORPN. L TO.

183 BENGAL RUBBER CO. LTD. 236 SHEKHAVATIINVESTMENTS & TRADERS LTD.

184 VISHWA MANGAL TRADING CO. 237 YASHOVARDHAN I NV. & TRADING CO. PVT. L TO.

185 USHA INVESTMENT CORPN. PVT. L TO. 238 CERUS INVESTMENTS L TO.

186 SHREE EXPORT HOUSE LTD. 239 HINDUSTAN GUMS & CHEMICALS LTD.

187 NARKATIAGANJ FARMS LTD. 240 RAJASHREE POLYFIL LTD.

188 LAKSHMI PROPERTIES LTD. 241 TEXPRO CONSTRUCTION CO. LTD.

189 HIGH QUALITY STEELS L TO. 242 BIRLA ODESSA INDUSTRIES L TO.

190 INDIAN ROCKWOOL CO. L TO. 243 BLACKWOOD HODGES (INDIA) PVT. L TO.

191 MOON CORPORATION LTD. 244 BIRLA EASON LTD.

192 EASTERN ECONOMIST L TO. 245 BIRLA GTM/E TECHNICAL SERVICES L TO.

193 OPI EXPORT LTD. 246 BIRLA RESOURCES LTD.

194 HINDUSTAN WIRE METAL PRODUCTS L TO. 247 EASTERN SPG. MILLS & INDUSTRIES L TO.

195 BIRLA INDUSTRIAL FINANCE (INDIA) L TO. 248 GRASIM ELECTRONICS L TO.

196 RATNAKAR BUILDINGS LTD. 249 GWALIOR COMMERCIAL CO. L TO.

197 INDRAPRASTHA INVESTMENTS (I) LTD. 250 HANUMAN TRADING CO. PVT. LTD.

198 BASANT PROPERTIES LTD. 251 HIND CYCLES LTD.

199 MACFARLANE & CO. LTD. 252 HITAISHIINVESTMENTS LTD.

200 CHHOTANAGPUR GENERAL TRADING CO. L Tor: -~ '253 INDRAYON FINANCE & INVESTMENT PVT. LTD.

201 PILANI PROPERTIES L TO. 254 INDUSTRIAL PLANTS L TO.

202 AMALGAMATED PAPERS & BOARD PVT.L TO. 255 INDUSTRIAL TRUST L TO.

203 MAHABIR COMMERCIAL CO. L TO. 256 KEMPO PROPERTIES L TO.

204 EASTERN INDIA SERVICES & MARKETING CO. L TO. 257 KESORAM TEXTILES L TO.

205 BIRLA GROWTH FUND L TO. 258 KUMNOAN CYLINDERS L TO.

206 KUSPRO HOLDINGS L TO. 259 MANAV INVESTMENT & TRADING CO. L TO.

207 INDRAYON PROPERTIES LTD. 260 MINERAL ORIENTAL LTD.

208 BIRLA INDUSTRIAL INVESTMENTS (INDIA) L TO. 261 MODEL KNITTING INDUSTRIES L TO.

209 BHARAT PRODUCE CO. L TO. 262 NEI PROPERTIES L TO.

210 OUDH TRADING CO. PVT. LTD. 263 NEW SWADESHI SUGAR MILLS L TO.

380

264 NEWSPAPERS L TO.

265 NOVEX MERCANTILE L TO.

266 PIC PROPERTIES L TO.

267 RAMGOPAL BIRLA TEXTILES PVT. L TO.

268 ROBERTS MCLEAN & CO. L TO.

269 ROBERTS MCLEAN CONSULTANTS PVT. L TO.

270 ROBERTS MCLEAN COSMETICS PVT. LTD.

271 ROBERTS MCLEAN PHARMACEUTICALS LTD ..

272 ROBERTS MCLEAN SERVICES PVT. L TO.

273 SAM IT TRADING CO.

274 SANTOSH INDUSTRIES LTD.

275 SHREE DUTT FACTORY PVT. LTD.

276 SHREE VIHAR PROPERTIES L TO.

277 SIDH ENTERPRISES L TO.

278 TEXMACO (UP) L TO.

279 TIMS PRODUCTS L TO.

280 UTE COMPANY LTD.

281 UDIT (INDIA) L TO.

282 UDYOG SERVICES L TO.

283 UNIQUE MANUFACTURING & MARKETING

284 UNITED CREDIT (DELHI) PVT. L TO.

285 UNITED CREDIT (SERVICES) PVT. L TO.

286 VASUNDRA TRADING & AGENTS PVT. LTD.

287 VI JAY PAPER CORPORATION L TO.

288 HINDUSTAN COLD STORAGE & REFRIGERATION LTD.

289 MANJU SHREE PLANTATIONS L TO

290 CHLORIDE INDUSTRIES L TO

291 EX IDE PRODUCTS L TO.

292 MINE SAFETY APPLIANCES L TO.

293 BHIAR ALLOY STEELS LTD

BLUE STAR

1 ASHOK SUNIL & CO. PVT. L TO.

2 BLUE STAR LTD

3 YOKOGAWA KEONICS L TO

BPL

1 BPL ELECTRONICS L TO

2 BPL SAN YO L TO

3 BPL SANYO TECHNOLOGIES LTD

4 BPL SANYO UTILITIES AND APPLIANCES L TO.

5 BPL SYSTEM & PROJECTS L TO

6 BRITISH PHYSICAL LABORATORIES INDIA LTD

7 ELECTRONIC RESEARCH L TO

--:-· BRHANNIA ··•-:-.,.--;.-.·,.

1 BORIBUNDER FINANCE & INVESTMENTS L TO.

2 BRITANNIA INDUSTRIES LTD

3 FLORA INVESTMENTS CO. L TO.

4 GILT EDGE FINANCE & INVESTMENTS L TO.

CAD BURY

1 CADBURY INDIA L TO

2 INDURI FARM L TO.

CHOWGULE

1 ALLO DIES

2 ARLEM BREWERIES L TO.

3 CARTYBON L TO.

4 CHOUGLE MATRIX HUBS LTD.

5 CHOWGULE & CO. (HIND) PVT. L TO.

6 CHOWGULE & CO. L TO

. 7 CHOWGULE AGRO INDUSTRIES PVT. L TO.

8 CHOWGULE BROS.

9 CHOWGULE CHEMICALS PVT. L TO.

10 CHOWGULE ENGINEERING CO. PVT. LTD.

11 CHOWGULE ENGINEERS & MACHINES L TO

12 CHOWGULE INDUSTRIES LTD.

13 CHOWGULE METTALURGICAL & ENGINEERING PVT. L TO.

14 CHOWGULE REAL ESTATE CONSTRUCTION CO. PVT. L TO

15 CHOWGULE STEAMSHIPS LTD

16 CHOWGULE TEXTILE MILLS LTD.

17 GOA FOOD PRODUCTS LTD.

18 GOA PESTICIDES L TO.

19 GOMANTAK PVT. LTD.

20 HINDUSTAN BULK CARRIERS L TO.

21 KARNATAKA EXPLOSIVES LTD

22 KOLHAPUR OXYGEN & ACETYLENE PVT. L TO.

23 KONKAN FISHERIES L TO.

24 MANDOVI PELLETS L TO

25 MINAS E MINERAlS DE GOA L TO.

26 NARMADA CEMENTS CO L TO

27 STANDARD PROCESSORS PVT. L TO.

28 SWASTIK PHARMACY

CONTINENTAL CONSTRUCTION

1 CONTINENTAL CONSTRUCTION L TO

2 CONTINENTAL FLOAT GLASS LTD

3 CONTINENTAL PAPERS LTD

4 CONTINENTAL SHIPPING CORPORATION LTD

5 PUNJAB CERAMICS L TO

DABUR

1 DABUR DR. SK BURMAN PVT. L TO.

2 DABUR EXPORTS L TO.

3 DABUR INDIA L TO

4 DABUR PHARMACEUTICAL L TO.

5 DABUR (DR. SKBURMAN) PVT. L TO.

DALMIA J (INCLUDING GOLDEN TOBACCO)

1 ALIROX ABRASIVES L TO.

2 ANUPAMA INVESTMENT LTD.

3 ARCHANA TRADING & INVESTMENT CO PVT LTD.

4 BHARAT EXPLOSIVE L TO

5 BHARATPUR INVESTMENT L TO

6 CEDE INVESTMENT L TO.

7 CEMENT DISTRIBUTORS PVT. LTD.

8 CHIRAWA INVESTMENT LTD

CASTROL 9 DALMIA (BROS.) PVT. LTD.

1 INDROL LUBRICANTS & SPECIALITIES L TO (CASTROL INO!APALMIA AGENCIES PVT. L TO.

2 INDTECH SPECIALITY CHEMICALS LTD. 11 DALMIA AROMA TICS L TO.

381

12 DALMIA CEMENT (BHARA T) L TO

13 DALMIA FRESNIUS MEDICALS L TO.

14 DALMIA INDUSTRIES LTD

15 DALMIA RESORTS INTERNATIONAL PVT. LTD.

16 DAPEL INVESTMENTS L TO.

17 ELCAST FINANCE PVT. LTD.

18 ELECTRO STEEL CASTINGS L TO

19 ESCAL FINANCE SERVICES PVT. LTD.

20 FILTER & FIL TERAIDS L TO.

21 GOLDEN CHEMICALS PVT. L TO.

22 GOVAN ADVERTISING CO. PVT. L TO.

23 GOVAN BROS. (RAMPUR) PVT. L TO.

24 GOVAN FARMS & TRADING CO. PVT. L TO.

25 GOVAN INVESTMENTS PVT. L TO.

26 GTC INDUSTRIES L TO

27 GTC INVESTMENT & FINANCE L TO.

28 GUJARAT HEAVY CHEMICAL L TO.

29 HARI BROS. PVT. L TO.

30 HARI FERTILISERS L TO.

31 HARISONS INDIA PVT. L TO.

32 HAUERS LINES PVT. L TO.

33 HIND CERAMICS L TO.

34 INDIA TELECOMP L TO

35 KABIRDAS INVESTMENTS L TO.

36 KANIKA INVESTMENT L TO.

37 KASHMISSA INDUSTRIES L TO.

38 KAVITA TRADING & INVESTMENT CO.PVT. L TO.

39 KHARKHARI COAL CO. PVT. L TO.

40 KONARK MINERALS L TO.

41 LAKSHMI VISHNU INVESTMENTS L TO

42 MOURYA FINANCE LTD.

43 MULTITECH INTERNATIONAL LTD

44 OLIVE INVESTMENT & FINANCE LTD:

45 ORISSA CEMENT L TO

46 PANAMA INVESTMENT & FINANCE L TO.

47 POONAM FINANCE L TO.

48 PREMIER PAPER MILLS L TO

49 PUNEET TRADING & INVESTMENT CO. PVT. L TO.

50 RAJNIGANDHA INVESTMENT & FINANCE L TO.

51 RAMA INVESTMENT CO. PVT. L TO.

52 RAZA BULAND SUGAR CO. L TO.

53 SHRI NATARAJ CERMAIC&CHEMICALS IND. L TO

'"54 SHRI RANGAM INVESTMENT CO. L TO .• .,..,, •

55 SIKAR INVESTMENTS CO L TO

56 SREE MEENAKSHI MILLS L TO

57 SURYA FINANCE LTD.

58 SWAGATHAM INVESTMENTS LTD

59 UTKAL INVESTMENTS L TO.

60 VISHNU AGENCIES PVT. L TO.

DC KOTHARI

1 INVESTMENT & FINANCE CORPORATION LTD.

2 INVESTMENT TRUST OF INDIA L TO

3 J M MEHTA & CO. PVT. L TO.

4 JAGMOHANDAS MEHTA (INVESTMENTS) PVT. LTD.

5 KOTHARI & SONS

6 KOTHARI & SONS (AGENCIES) PVT. L TO.

7 KOTHARI & SONS (INDUSTRIES) PVT. L TO.

8 KOTHARI & SONS (NOMINEES) PVT. L TO.

9 KOTHARI (MADRAS) INTERNATIONAL L TO.

10 KOTHARI CONSULTANTS & ENGINEERS LTD.

11 KOTHARI GENERAL FOODS CORPN. L TO

12 KOTHARI HIRE PURCHASE & LEASING CO. PVT. LTD.

13 KOTHARI INDUSTRIAL CORPN. LTD

14 KOTHARI INFORMATION SYSTEMS LTTD.

15 KOTHARI MEHTA & CO. PVT. LTD.

16 KOTHARI OFFICERS & STAFF WELFARE FUND SERVICES

17 KOTHARI ORIENT FINANCE LTD

18 KOTHARI ORIENT INDUSTRIES EXPORT LTD.

19 KOTHARI PETROCHEMICALS LTD.

20 KOTHARI SUGAR & CHEMICALS L TO

21 KUNAL ENGINEERING CO L TO

22 KUNAL MACHINERY MANUFACTURERS L TO.

23 MADRAS SAFE DEPOSITS CO. L TO.

24 PARVATHI TRADING & FINANCE CO. LTD.

25 PLANTING AGENCIES PVT. L TO.

26 SECURITIES OPERATIONS & INVESTMENT CO. LTD.

27 UNDERWRITERS & FINANCIERS PVT. L TO.

DHAMPUR SUGAR

1 DHAMPUR SUGAR MILLS L TO

2 UTTAR PRADESH STRAW & AGRO PRODUCTS L TO

DHANUKA

1 BELSUND SUGAR & INDUSTRIES L TO.

2 BOMBAY POTTERIES & TILES LTD

3 DHANUKA PESTICIDES L TO

4 DHUNSERI TEA & INDUSTRIES L TO

5 HINDUSTAN WIRE PRODUCTS L TO

6 IG PETROCHEMICALS L TO.

7 JAIPUR POL YSPIN L TO

8 LEND LEASE CO. (INDIA) L TO.

9 MYSORE PETRO CHEMICALS L TO

10 NAGA HILLS TEA CO. LTD.

11 RIGA SUGAR CO.

12 SHEKHAVATI INVESTMENT CORPN. L TO.

DHARAMSI MORARJI

1 ALBRIGHT MORARJI AND PANDIT L TO

2 BORAX MORARJI L TO

3 DHARAMSI MORARJI CHEMICAL CO. L TO

4 MP AGRO MORARJI FERTILISERS L TO.

5 PREMIER-MORARJI CHEMICALS L TO.

6 UDAIPUR PHOSPATES & FERTILIZERS LTD

OLF

1 ANURAG CONSTRUCTION CO. PVT. L TO.

2 APOLLO LAND & HOUSING CO. PVT. L TO.

3 ARAVALI CULTIVATIONS PVT. LTD.

4 DELHI LAND & FINANCE L TO.

5 DLF BUILDERS & DEVELOPERS L TO.

382

6 DLF ELECTRICALS L TO.

7 DLF ENERGY SYSTEMS L TO.

8 DLF ENGINEERING PROJECTS L TO.

9 DLF EXPORTS L TO.

10 DLF FINANCIAL SERVICES L TO.

11 DLF GENERAL FINANCE L TO.

12 DLF HOTELS L TO.

13 DLF HOUSING & CONSTRUCTION L TO.

14 DLF HOUSING FINANCE L TO.

15 DLF INDUSTRIAL FINANCE & LEASING CO. L TO.

16 DLF INVESTMENTS LTD.

17 DLF POWER CO. L TO.

18 DLF UNIVERSAL ELECTRIC L TO

19 DREAMLAND AGRO INDUSTRIES L TO.

20 INSTANT BATTERIES L TO.

21 KAVICON AGRO FARMING CO. PVT. L TO.

22 KAVICON CONSULTANTS PVT. L TO.

23 KUM KUM CULTIVATION PVT.LTD.

24 MADHUR CULTIVATIONS PVT. LTD.

25 MENAKA AGRO FARMING CO. PVT. L TO.

26 MOONLIGHT BUILDERS & DEVELOPERS L TO.

27 NAV SANSAR AGRO PRODUCTS PVT. L TO.

28 NILGIRI CULTIVATIONS L TO.

29 OSKAR FARMING CO. PVT. L TO.

30 PARAGON REAL ESTATE AND APARTMENTS L TO.

31 PRACHEEN KRISHI UDYOG PVT. L TO.

32 PRASHANT KRISHI UDYOG PVT. L TO.

33 QUEEN DALE CULTIVATIONS PVT. L TO.

34 RENKON AGENCIES PVT. L TO.

35 RENKON ESTATES & FARMS LTD.

36 SUNRISE LAND & HOUSING CO. L TO.

37 SURBHI FARMING CO. PVT. L TO.

38 SUVIDHA AGRO PRODUCTS PvT. l TO.

39 VAISHALI CULTIVATIONS PVT. L TO.

40 VEE DEE INVESTMENT & AGENCIES L TO.

41 VIDHUR CULTIVATIONS PVT. LTD.

42 VIKALPA AGRO INDUSTRIES L TO.

43 VIPUL VAIBHAV AGRO DEVELOPERS PVT. L TO.

44 VISHRAM AGRO FARMS PVT. L TO.

DR. REDDY

1 BENZEX LABS L TO.

2 CHEMINOR DRUGS PVT. L TO

3 COASTAL CARDIAC CENTRE PVT. L TO.

4 COMPKEYS PVT. L TO.

5 DEXO LABORATORIES LTD

6 DR. REDDY'S LABORATORIES L TO

7 DRL FINANCE L TO.

8 SOL PHARMACEUTICALS L TO

9 STANDARD EQUITY FUND L TO

10 STANDARD MEDICAL & PHARMACEUTICALS LTD

11 STANDARD ORGANICS L TO

12 VOGEL LABORATORIES PVT. LTD.

EICHER

1 CANTER INVESTMENTS PVT. L TO.

2 EICHER FINANCE L TO.

3 EICHER GOODEARTH L TO

4 EICHER MOTORS LTD

5 EICHER PRECISION MACHINES L TO

6 EICHER TRACTORS L TO

7 ENFIELD BUSINESS FINANCE & LEASING L To·

8 ENFIELD ELECTRONICS L TO

9 ENFIELD INDIA L TO

10 ENFIELD SALES L TO.

11 ENFILED MOFA L TO

12 GOODEARTH ENGINES PVT. LTD.

13 GOODEARTH L TO.

14 MALBROS INVESTMENTS PVT. L TO.

15 MANDALA HANDICRAFTS L TO.

16 SATYAM INVESTMENTS PVT. LTD.

17 SOUTH DELHI INVESTMENTS L TO.

18 SUGAM VANIJYA INVESTMENTS PVT. LTD.

19 SURYA KIRAN INVESTMENTS PVT. LTD.

ELECON

1 ANTI-FRICTION BEARINGS COPRN. L TO

2 EIMCO ELECON INDIA L TO

3 ELECON (MADRAS) L TO.

4 ELECON ENGINEERING CO. L TO

5 ELECONMET L TO

6 MIPCO INVESTMENT L TO.

7 MIPCO SEAMLESS RINGS GUJARAT LTD

8 MIPCO SEIKO BEARINGS L TO

ELGI

1 COIMBATORE GENERAL FINANCE L TO.

2 COIMBATORE PRIVATE INDUSTRIAL ESTATE LTD.

3-COIMBATORE TWISTERS LTD.

4 COMBINED INDUSTRIAL L TO.

5 ELGI AUTO ENGINEERING L TO

6 ELGI EQUIPMENTS L TO

7 ELGI FINANCE L TO

8 ELGI POL YTEX L TO.

9 ELGI RUBBER PRODUCTS L TO.

10 ELGI STEEL ROLLING MILLS L TO.

11 ELGI SULLAIR L TO.

12 ELGI TYRE & TREAD L TO

13 ELGIBI ENGINEERING WORKS L TO.

14 ELGIBIINVESTMENTS PVT. LTD.

15 ELGITREAD SERVICES LTD.

16 EL TEX SUPER CASTINGS L TO

17 FESTO CONTROLS PVT. LTD.

18 FESTO ELGI PVT. L TO.

19 LG. BALAKRISHNAM & BROS LTD

20 MOTOR CREDIT CO. L TO.

21 PRECOT MILLS LTD

22 PREMIER GENERAL FINANCE L TO

23 PREMIER INDUSTRIAL DRIVES PVT. L TO.

383

24 PREMIER INSTRUMENTS & CONTROLS L TO

25 PREMIER LEASING L TO.

26 PREMIER MILLS L TO

27 PREMIER POL YTRONICS L TO.

28 PREMIER TEXTILE PRINTERS L TO.

29 PREMIER TEXTURISERS L TO.

30 PULANKINAR INVESTMENT & FINANCE L TO.

31 ROLLED STRIPS & PROFILES PVT. LTD.

32 SGF INVESTMENT CO. L TO.

33 STANDARD GENERAL FINANCE L TO.

34 SUPER ENGINEERS L TO.

35 SUPER FARM PRODUCTS L TO.

36 SUPER SPINNING MILLS L TO

ESCORTS

1 ESCORTS ELECTRONICS L TD(EARLIER CGR INDIA)

2 ESCORTS EM POL YEES ANCILLARIES L TO

3 ESCORTS HERION L TO

4 ESCORTS J.C.B. L TO

5 ESCORTS LEASING & FINANCE L TO

6 ESCORTS L TO

7 ESCORTS TRACTORS L TO

8 ESCORTS TRANSMISSIONS L TO.

9 GOETZE (INDIA) L TO

ESSAR (RUIA)

1 ARKAY HOLDINGS LTD.

2 ESSAR BROWN & ROOT (INDIA) L TO.

3 ESSAR CONSULTANTS L TO.

4 ESSAR FORASOL (INDIA) L TO.

5 ESSAR GLASS WORKS PVT. L TO.

6 ESSAR GUJARA T L TO

7 ESSAR INTERNATIONAL L TO.

8 ESSAR INVESTMENTS L TO

9 ESSAR OIL L TO.

10 ESSAR PROJECTS PVT. LTD.

11 ESSAR SERVICES L TO.

12 ESSAR SHIPPING L TO

13 ESSAR SIF(INDIA) L TO.

14 ESSAR STENA LTD.

15 FAIRFIELD PETROMARINE SERVICES PVT. L TO.

16 INTER MARINE DRILLING CO. L TO.

17 SEA PRIDE AGENCIES L TO.

18 SEAWELL INTERDRILL SERVICES (P) L TO.

FACOR

1 BEST MINERALS L TO.

2 FERRO ALLOYS CORPN. L TO

3 SARAF SYNTHETICS (RAJASTHAN) L TO

FINOLEX

1 FINOLEX CABLES L TO

2 FINOLEX CAR LAND PVT. L TO.

3 FINOLEX COIL CORD PVT. L TO.

4 FINOLEX INVESTMENTS CO. PVT. L TO.

5 FINOLEX PiPES L TO

6 FINOLEX POLYMERS PVT. L TO.

7 FINOLIB CHEMICALS PVT. L TO.

8 KIRTI ELECTRICAL$ PVT. L TO.

9 SALEQUIP PVT. L TO.

FIRODIA (KINETIC)

1 JAYA HIND INDUSTRIES L TO

2 JAYA HIND INVESTMENT PVT L TO

3 KINETIC ENGINEERING L TO

4 KINETIC HONDA MOTOR PVT L TO

5 BAJAJ TEMPO L TO

6 Z F STEERING GEAR (INDIA) L TO

FRIEDRICH KRUPP

1 BUCKAU WOLF INDIA L TO

2 WID lA (INDIA) L TO

GAMMON INDIA

1 BHAGIRATHI CONSTRUCTION CO. LTD.

2 FREYSSINT PRESTRESSED CONCRETE CO. L TO.

3 GAMMON ENGINEERS PVT. L TO.

4 GAMMON FERCHEMS PVT. L TO.

5 GAMMON INDIA LTD

6 GAMMON NIRMAN PVT. LTD.

7 GAMMON OVERSEAS ENGINEERS PVT. L TO.

8 GAMMON TURNKEYS L TO.

9 GILCON PROJECT SERVICES PVT. L TO.

GANNON DUNKERLEY

1 GANNON ADVERTISING PVT. L TO.

2 GANNON DUNKERLEY & CO L TO

3 GANNON DUNKERLEY (EASTERN) L TO.

4 GANNON EXPORTS PVT. L TO.

5 GANNON FINANCE & INVESTMENTS PVT. L TO.

6 GANNON NORTON METAL & DIAMOND DIES L TO.

7 GANNON PRESSURE VESSELS L TO.

8 KIRLAMPADI SUGAR MILLS. L TO.

9 M R CHEMICALS PVT. L TO.

10 NIMAR TEXTILE LTD.

11 SHREE JAGDISH OIL INDUSTRIES PVT. L TO.

12 TESTEELS L TO

13 TRAVELERA LTD.

GARDEN SILK

1 BIJLEE TRADING & FINANCE L TO

2 GARDEN FASHIONS PVT. L TO.

3 GARDEN FILAMENT PVT. L TO.

4 GARDEN FINANCE PVT. L TO.

5 GARDEN SILK MILLS L TO · . '

6 GARDEN VARELI SERVICES PVT. L TO.

7 GARDEN VARELI TEX L TO.

8 KAMLA SILK FACTORY

9 PAAMI TEXTILES AND INVESTMENTS L TO

10 PANNA SILK FACTORY

11 RAJAN SILK

12 SPS HOLDINGS LTD.

13 STUDIO LINE FABRICS

14·SURATTEXTILES MILLS LTD

15 V RAJ & CO.

384

GARWARE

1 AJNABH HOLDINGS PVT. LTD.

2 AKASH TRANSPORT

53 SANAND INVESTMENTS & TRADING CO. PVT. LTD.

54 SARITA HOLDINGS PVT. LTD.

3 ANJANA HOLDING PVT. LTD.

4 ANJITA HOLDING PVT. LTD.

55 SHASHI GARWARE INVESTMENT CO. PVT. LTD.

56 SHASHIKANT B. GARWARE INVT. CO. P. LTD.

57 SHASHIKANT HOLDINGS PVT. LTD.

5 ASMSA INVESTMENT CO. PVT. LTD.

6 A YBEEGEE INVESTMENT CO. PVT. LTD.

· 7 AYBEEGEE TRUSTEESHIP CO. PVT. LTD.

8 BAGSHREE HOLDINGS PVT. LTD.

58 SHEELA HOLDINGS PVT. LTD.

59 SHISHAM HOLDINGS PVT. LTD.

60 SHREE LABH HOLDING PVT. LTD.

61 SHREE SUBH HOLDINGS PVT. LTD.

62 SONIYA HOLDINGS PVT. LTD. 9 BEEDEEGEE INVESTMENT CO. PVT. LTD

10 BEEDEEGEE TRUSTEESHIP CO. PVT. LTD.

11 CAJAN HOLDING PVT. LTD.

12 CEEBEEGEE INVESTMENT CO. PVT. LTD.

13 CEEBEEGEE TRUSTEESHIP PVT. LTD.

63 STARSHINE INVESTMENTS & TRDG. CO. PVT. LTD.

64 SUBHASHISH INVESTMENTS & TRDG. CO. P. LTD.

65 SUKUKAR HOLDINGS & TRDG. CO. PVT. LTD.

66 UNIVERSAL INVESTMENT SERVICES PVT. LTD.

14 CHANDRAKANT GARWARE INVESTMENT CO. PVT. LTD. 67 VEEBEEGEE INVESTMENT CO. PVT. LTD.

15 CHANDRAKANT HOLDING PVT. LTD. 68 VEEBEEGEE TRUSTEESHIP CO. PVT. LTD.

16 CONSOLIDATED AGRICULTURAL & DAIRY FARMING CO. 69 VIA INVESTMENTS PVT. LTD.

17 ESBEEGEE TRUSTEESHIP CO. PVT. LTD.

18 GARWARE COVEMA LTD.

19 GARWARE FILAMENT CORPORATION L TO.

GD KOTHARI

1 ALBERT DAVID L TO

2 ANANDA BAG TEA CO. LTD.

20 GARWARE FINANCE CORPORATION PVT. LTD.

21 GARWARE MARINE INDUSTIES LIMITED

22 GARWARE NYLON LTD

3 ASSAM BENGAL CASE BOARD CO.PVT.L TD.

4 BANGALORE WHITE LEAD SYNDICATE LTD.

5 BHARAT SAMITI LTD.

23 GARWARE PAINTS LIMITED

24 GARWARE PHOTO FILMS PVT. L TO.

25 GARWARE PLASTIC & POL VESTER LIMITED

26 GARWARE POLYMERS PVT. LTD.

27 GARWARE SERVICES PVT. LTD.

28 GARWARE SHIPPING COPORATION LIMITED

29 GARWARE SUPERMARKET PVT. LTD.

30 GARWARE SYNTHETICS PVT. LTD.

6 BIKANER COMMERCIAL CO. LTD.

7 BOYD SMITHS PRIVATE LTD.

8 COMMERCIAL HOUSE PVT. LTD.

9 G DAS & CO. LTD

10 GANESH INVESTMENT CO. LTD.

11 GANGES AGENCIES PVT. LTD.

12 GENERAL INDUSTRIAL SOCIETY LTD

13 GILLANDERS ARBUTHNOT & CO LTD

31 GARWARE VIDEO CASSETTTES PVT. LTD.

32 GARWARE WALL ROPES LIMITED

14 GILLANDERS INVESTMENTS & SERVICES LTD.

15 HIND CONSTN. & ENGG. CO.

33 GURUKRUPA INVESTMENTS & TRADING CO. PVT. LTD. 16 INDIAN COPPER & BRASS CO. PVT. LTD

34 HANS-DWANI HOLDING PVT. L TO. 17 INDIAN WOOD PRODUCTS CO. LTD.

35 JAIN I HOLDING PVT. LTD. 18 JHARIA COALFIELD ELECTRIC SUPPLY CO. LTD.

36 JAN HOLDING PVT. LTD. 19 JUTLIBARI TEA CO LTD

37 MAN MIT INVESTMENT & TRADING CO. PVT. LTD. 20 KOTHARI & CO. LTD

38 MASHADIINVESTMENT CO. PVT. LTD. 21 KOTHARI PLANTATIONS & INDUSTRIES LTD

39 MONICA HOLDINGS PVT. LTD. 22 KOTHARI SCIENTIFIC & RESEARCH INF

40 MOONSHINE INVESTMENT & TRADING CO. PVT. LTD. 23 KOTHARI TRADING & INVESTMENT CO. PVT. LTD.

41 MOSS PLASTICS & FILMS PVT. LTD. 24 M D KOTHARI & CO. PVT. LTD.

42 MSS INVESTMENT CO. PVT. LTD. - 25 MACKINTOSH BURN L TO.

43 NIHAL CAST NYLON PVT. LTD. 26 PREMIER SUPPLIERS PVT. LTD.

44 NIJA HOLDINGS PVT. L TO. 27 SHREE MANUFACTURING COL TD

45 PATDEEP HOLDING PVT. LTD. 28 TENGPANI TEA CO. LTD.

46 RAMESH B GARWARE INVT. COMPANY PVT. LTD. 29 WALDIES LTD

47 RAMESH GARWARE TRUSTEESHIP CO. PVT. LTD. 30 WALDIES ZINC PIGMENTS LTD.

48 RSDV FINANCE CO. PVT. LTD. GEC

49 RSDV INVESTMENT PVT. LTD. 1 AVERY INDIA LTD

50 RSDV KNITTERS PVT. LTD. 2 ENGLISH ELECTRIC CO. OF INDIA LTD

51 SAHYADRI HOLDINGS PVT. LTD. 3 GEC POWER ENGINEERING SERVICES OF INDIA LTD.

52 SA I NET LTD. 4 GENERAL ELECTRIC CO OF INDIA L TO

385

5 INDIAN TRANSFORMERS LTD.

6 SACHENCK AVERY PVT LTD

7 SANKAR ELECTRICALS PVT. LTD.

GHIA

1 BHUPATIINVESTMENTS & FINANCE PVT. LTD

2 CHIKA LTD

3 COLOUR CHEM LTD

4 DISTRIBUTORS( BARODA) PVT. LTD.

5 FUTURA INDUSTRIES LTD.

6 INDIAN ORGANIC CHEMICALS LTD

7 KUNDALIKA INVESTMENTS

8 M C GHIA & CO. LTD.

9 MERCURY PAINTS & VARNISHES LTD.

10 NEW INDIA INDUSTRIES LTD.

11 VANAVIL DYES & CHEMICALS LTD

12 VIRAJ INVESTMENTS PVT. LTD.

13 WINDSOR FOODS LTD.

GKW

1 G K W (OVERSEAS TRADING) LTD.

2 GUEST KEEN WILLIAMS LTD

3 SANKEY WHEELS LTD

4 WEBEL PRECISION INDUSTRIES LTD.

GLAXO

1 GLAXO INDIA LTD

2 KARGI INVESTMENTS LTD.

3 KG GLUCO BIOLS LTD

4 SAMGIR INVESTMENTS LTD.

5 SASME INVESTMENTS LTD.

6 VEGEPRO FOODS AND FEEDS LTD

GODREJ

1 BAHAR AGROCHEM & FEEDS LTD.

2 FISKARS INDIA LIMITED

3 GODREJ & BOYCE MFG. CO LTD

4 GODREJ HOLDINGS LTD.

5 GODREJ INVESTMENTS LTD.

6 GODREJ PROPERTIES & INVESTMENTS PVT. LTD.

7 GODREJ SOAPS LTD

8 GODREJ TRADING & SERVICES CO. PVT. LTD.

9 GUJARAT GODREJ INNOVATIVE LTD.

10 HOPE COMPUTERS LTD.

11 INDIAN GASOHAL LTD.

12 LAWKIM LTD.

13 NOBLE SOYA HOUSE LTD

14 PARAGOD ELECTRONICS SYSTEMS PVT. LTD.

15 SEA BREEZE CONSTN & INVESTMENT PVT. LTD.

16 SWADESHI DETERGENTS LTD.

17 VEGOILS LTD

18 VORA SOAPS LTD.

19 WADALA INVESTMENTS PVT. LTD.

GOENKA

1 A P FINANCE LTD.

2 ADAPT INVESTMENTS

3 ADORN INVESTMENTS

4 ADROSS PVT. LTD.

5 ADVERTISING CORPORATION OF INDIA PVT. LTD.

6 AGARPARA INVESTMENTS LTD.

7 AHAL YA INVESTMENTS LTD

8 ALFRED HERBERT INDIA LTD

9 ALL WIN HOLDINGS & ENGINEERS LTD.

10 ANANDMANGAL SILICATE PVT.LTD.

11 ANGEL INVESTMETS LTD.

12 ANGLO INDIA JUTE MILLS LTD

13 ARINDAM INVESTMENTS PVT. LTD.

14 ARVIND INVESTMENTS LTD.

15 ASIA CARBON LTD.

16 ASIAN CABLES LTD.

17 ASIAN PRINT PACK LTD.

18 ASIATIC DATA COMPUTER SERVICE

19 ASSOCIATED OXYGEN

20 ASSOCIATED POLYMERS LTD.

21 ATLANTIC HOLDINGS LTD.

22 AUSTRIND CONSULTANT CO. LTD.

23 BAGALKOT CO. LTD.

24 BAG LA ENGG. CO LTD

25 BAITAKHAL PLANTATIONS LTD.

26 BAITAKHAL TEA & FIBRE INDUSTRIES LTD.

27 BAKELITE HYLAM LTD

28 BAKELITE INVESTMENTS LTD.

29 BANG LA ENGG. CO. (P) LTD.

30 BAYER (INDIA) LTD

31 BEE HIVE INVESTMENTS

32 BELVEDERE INVESTMENTS LTD.

33 BEST APARTMENTS PVT. LTD.

34 BHAGALPUR ELECTRIC SUPPLY CO. LTD.

35 BHAGWATI PRESSING CO. LTD.

36 BHAGWATI TRADING CO. LTD.

37 BLUE NILES HQLDINGS LTD.

38 BLUE NILES INVESTMENT CO. LTD.

39 BN ELIAS &CO LTD

40 BNE IMPEX INTERNATIONAL LTD.

41 BNE INVESTMENT LTD

42 BONNY INVESTMENTS LTD.

43 BRABOURNE INVESTMENTS

44 BRENTWOOD INVESTMENTS

45 CALCUTTA INVESTMENT CO. LTD

46 CALCUTTA SALES AGENCY LTD ..

47 CANAL INVESTMENT & INDUSTRIES LTD.

48 CAPE INVESTMENTS PVT. LTD.

49 CAR I STRAP L TO.

50 CAR I STRAP SYSTEMS LTD.

51 CARNIVAL INVESTMENTS LTD.

52 CAROLINA INVESTMENTS LTD.

53 CBS GRAMOPHONE RECORDS & TAPES

54 CBS GRAMOPHONE RECORDS & TAPES (I) LTD

55 CEAT CONSTRUCTION CO. LTD.

56 CEAT FINANCE CO. LTD.

386

57 CEAT FINANCIAL SERVICES (b)

58 CEAT FINANCIAL SERVICES LTD

59 CEAT FINANCIAL SERVICES L TO. (a)

60 CEAT INVESTMENTS LTD.

61CEATLTD

62 CENTRAL COTION MILLS L TO.

63 CENTRAL PETROCHEM

64 CESC LTd

65 CESCON ELECTRICALS L TO.

66 CHAMPION LAMINATES L TO.

67 CHANDAN COMMERCIAL CO. L TO.

68 CHERAMBADI LEASING & FINANCE CO. L TO.

69 CHINAR CIRCUITS L TO.

70 CHUNDEECHEERA TEA CO. L TO

71 CLEVE DON TEA CO. L TO.

72 COLORADO INVESTMENTS L TO

73 COMFORT HOSIERY L TO.

74 CONCEPT A INDUSTRIAL FINANCE.CO. L TO.

75 CONSOLIDATED PETROTECH INDUSTRIES LTD

76 COSMOPOLITAN INVESTMENTS L TO

77 CRESCENT HOLDINGS & ENTERPRISES L TO.

78 CTI INVESTMENTS L TO.

79 CUPID INVESTMENTS

80 DAIL CONSULTANTS LTD.

81 DAIL INVESTMENTS L TO

82 DAKHIN FARMING

83 DAKSHIN BHARA T PETROCHEM L TO.

84 DALHOUSIE STANDARDS

85 DANUBE INVESTMENTS L TO.

86 DUNCAN AGRO INDUSTRIES L TO

87 DUNCAN BROS & CO. L TO

88 DUNCAN INTERNATIONAL (INDIA) LTD

89 DUNCAN INVESTMENTS & INDUSTRIES L TO.

90 DUNCAN SERVICES L TO.

91 DUNCAN TEA L TO.

92 DUNCAN TOBACCO

93 DUNCANS TEA EXPORTS L TO.

94 EAST INDIA COMMERCIAL CO. L TO.

95 EAST INDIA WAREHOUSING & SERVICE L TO.

96 EASTERN AVIATION & INDUSTRIES LTD.

97 ELGIVA FINANCE & INVESTMENTS L TO.

98 ELIAS INVESTMENTS PVT L TO.

99 ENAMOUR INVESTMENTS L TO.

100 EX CELL PROJECTS L TO.

101 FIELD INVESTMENTS L TO.

102 FLORA FARMING

103 GLADSTONE SANITARYWARES LTD.

104 GLOBE (INDIA) LTD.

105 GLOBE TEA & INDUSTRIES L TO

106 GOLCANDA INVESTMENTS L TO

107 GRAMAPHONE CO OF INDIA LTD

108 GRANDI FLORA INVESTMENTS

109 GROB TEA CO. L TO.

110 HALDIA INVESTMENT CO L TO

111 HAL YCON PROPERTIES PVT. L TO.

112 HANSQUA TEA CO. LTD.

113 HANUMAN TEA CO.

114 HARRISONS MALAYALAM LTD

115 HA TIIKHARA TEA CO. L TO.

116 HERBERT ELECTRONICS LTD.

117 HERBERT HOLDINGS L TO.

118 HERDILLIA CHEMICALS L TO

119 HERDILLIA INVESTMENTS L TO.

120 HERDILLIA OXIDE & ELECTRONICS L TO

121 HERDILLIA POLYMERS L TO.

122 HERDILLIA UNIMERS L TO

123 HOPE (INDIA) L TO.

124 INDIA POLYFIBRES LTD

125 INDIAN FIBRES LTD.

126 INDO-NIPPON SPECIAL CEMENTS L TO.

127 INTERNATIONAL COMPUTERS (INDIA) LTD.

128 INTERNAT'L COMPUTERS INDIAN MANUFACTURE L TO

129 JUBILEE INVESTMENT & INDUSTRIES LTD

130 KALKI INVESTMENTS

131 KAMALA MILLS LTD

132 KARNATAKA TELECABLES LTD

133 KEC INTERNATONAL L TO

134 KHARIT (INDIA) PVT. LTD.

135 KUNCHANJUNGA PROPERTIES PVT. L TO.

136 LANDALE & CLARK LTD.

137 LILY AGRICULTURES

138 LOOBAH CO. LTD.

139 LUKWAH TEA CO. LTD.

140 MADRAS VALVES LTD.

141 MAHARASHTRA EXPLOSIVES L TO

142 MALABAR COASTAL HOLDINGS LTD.

143 MAPLE CIRCUITS LTD

144 MAPLE HOLDINGS L TO.

145 METEORIC INDUSTRIAL FINANCE CO. PVT. LTD.

146 METHONI TEA CO. L TO.

147 MOZUFFERPORE ELECTRIC SUPPLY CO. L TO.

148 MURPHY INDIA LTD

149 MURPHY INVESTMENTS LTD.

150 NATIONAL LEAF TOBACCO CO. L TO.

151 NATIONAL RAYON CORPN LTD

152 NATIONAL STANDARD DUNCAN LTD

153 NEEDEM INDIA L TO.

154 NEW INDIA INVESTMENT CORPN. L TO.

155 NEW MANBHOOM COAL CO L TO.

156 NIRISIMHA INVESTMENTS LTD.

157 NORPLEX OAK INDIA L TO

158 NSD INVESTMENTS L TO.

159 OCL INVESTMENT & LEASING LTD.

160 OCTAVIUS STEEL & CO LTD

161 OFF-SHORE INDIA L TO

162 ON-SHORE INVESTMENTS

387

163 ORGANISED INVESTMENTS LTD. 216 VASUKIINVESTMENTS LTD.

164 ORIENTAL CARBON & CHEMICALS LTD 217 VEERYALAKSHMIINVESTMENT PVT. LTD.

165 OSCO TEA LTD. 218 VENDURITTY INVESTMENTS L TO.

166 PATHEMARA TEA CO. LTD. 219 VERBUNDPLAN PROJECTS (INDIA) LTD.

167 PATNA ELECTRIC SUPPLY CO. L TO. 220 WALL STREET INVESTMENT L TO.

168 PCBL INDUSTRIAL FINANCE LTD. 221 WEST BENGAL POWER SUPPLY CO. LTD.

169 PERICLASE INDIA LTD. 222 WOOLCOMBERS OF INDIA LTD

170 PHASKOWA TEA CO. LTD. 223 XEROGRAPHIC" LTD.

171 PHASKOWA TEA PLANTATIONS L TO. HCL

172 PHILCARB INDUSTRIAL FINANCE LTD. 1 H C L LTD

173 PHILCARB INVESTMENTS & INDUSTRIES L TO. 2 HCL FINANCE & INVESTMENTS L TO

174 PHILIPS CARBON BLACK L TO 3 HINDUSTAN TELECOMMUNICATIONS L TO.

175 POKHRAN INVESTMENTS LTD. 4 INTERNATIONAL DATA MANAGEMENT LTD

176 POOBONG TEA CO. LTD. 5 INTERNATIONAL DIGITAL CO. PVT. LTD.

177 POSH INVESTMENTS L TO. 6 NETWORK L TO.

178 PRAGATI BUSINESS LTD. HERO CYCLES

179 PREMIER THERMO COMPOUNDS 1 ANADIINVESTMENTS PVT. L TO.

180 PREOPTION INVESTMENTS LTD. 2 BAHADUR CHAND INVESTMENTS LTD

181 QUANDONG INVESTMENTS L TO 3 BAHADUR CHAND INVESTMENTS L TO.

182 RIVERSIDE (BHATPARA) ELECTRIC SUPPLY CO. LTD. 4 BHAGYODAY INVESTMENTS PVT. LTD.

183 RPG ENTERPRISES L TO. 5 BRIJMOHAN LALL OM PRAKASH

184 S G INVESTMENT & INDUSTRIES 6 DAY ANAND MUNJAL INVESTMENTS PVT. LTD.

185 SALEM ERODE TEA & INVESTMENT CO. L TO. 7 GUJARA T CYCLE L TO

186 SAMUDRA LEASING LTD. 8 HERO CYCLES LTD

187 SARALA PHARMECEUTICALS L TO. 9 HERO EXPORTS PVT. L TO.

188 SATELLITE INVESTORS & TRADERS 10 HERO FIBRES LTD.

189 SCHRADER-SCOVILL DUNCAN L TO 11 HERO HONDA MOTORS L TO

190 SEARLE (INDIA) LTD 12 HERO INVESTMENTS LTD

191 SHREE TEA CO. 13 HIGHWAY CYCLE INDUSTRIES LTD

192 SILENT VALLEY INVESTMENTS L TO 14 HIGHWAY INVESTMENTS LTD.

193 SML HOLDINGS LTD. 15 MAJESTIC AUTO LTD

194 SOUTH WEST CALCUTTA LAND & PROPERTY INV. PVT. L11lDMUNJAL CASTINGS

195 SPENCER & COL TO

196 SPENCER CONSUMER PROD.&SERVICES P.LTD

197 SPENCER ESTATES LTD.

198 SPENCER INTERNATIONAL HOTELS LTD

199 STAGE INVESTMENTS LTD.

200 STANDARD HOLDINGS L TO.

201 STAR PAPER MILLS L TO

202 STEPHEN COURT L TO.

203 STRAND INVESTMENTS L TO.

204 SULZER INDIA L TO.

205 S'fi!6N MlLLS L TO

206 SWARNAGIRI LEASING & FINANCE CO. L TO.

207 SWASTIK PLYWOOD L TO.

208 SWISS INO FILTERS

209 SYNAGOGUE INVESTMENTS & INDUSTRIES

210 TERCEL INVESTMENTS L TO.

17 MUNJAL ENGINEERS (INDIA)

18 MUNJAL GASES

19 MUNJAL INVESTMENTS PVT. L TO.

20 MUNJAL SALES CORPN.

21 MUNJAL SHOWA L TO

22 MUNJAL STEELS

23 NORTHERN GASES

24 OMAX AUTOS L TO

25 PRAGATIINVESTMENTS PVT. LTD.

26 PUJA INVESTMENTS PVT. L TO.

27 ROCKMAN CYCLE INDUSTRIES L TO

28 ROCKMAN INVESTMENTS PVT. L TO.

29 ROMA INVESTMENTS PVT. L TO.

30 SUN BEAM LEASING & FINANCE L TO

31 SUNBEAM STEELS LTD.

32 THAKURDEVI INVESTMENTS PVT. L TO.

211 TINNEVELL Y-TUTICORIN TEA & INVESTMENT CO. LTD.

212 UDAYACHAL FINANCE & INVESTMENTS LTD.

HINDUSTAN DEV. CORPORATION (RASOI)

1 ADARSH COMMERCIAL CO. L TO.

213 UMAGOURIINVESTMENTS PVT. LTD.

214 UNIVERSAL INDUSTRIAL FUND PVT. L Tp.

215 UPCOM CABLES L TO.

2 ANURADHA INVESTMENTS L TO.

3 APEX INVESTMENTS PVT. L TO.

4 ASSOCIATED GENERAL TRADING SOCIETY L TO.

388

5 BHIWANI VANASPATI L TO

6 BUXUS ESTATES & INVESTMENTS PVT. LTD.

7 CARBO INDUSTRIAL HOLDINGS LTD.

8 CATTLEYA HOLDINGS PVT. LTD.

9 CROCUS INVESTORS PVT. LTD.

10 EMPIRE PROPERTIES & INVESTMENTS PVT. LTD.

11 FOSTER ENGINEERING INDUSTRIES LTD.

12 FOSTER INDUSTRIAL FINANCE PVT. LTD.

13 GWALIOR SECURITIES & TRADERS LTD.

14 HINDUSTAN DEVELOPMENT CORPN LTD

15 HINDUSTAN MAGCOBAR CHEMICALS LTD

16 INDIAN POLYAMINES & INDUSTRIES LTD.

17 JL MORISON SON & JONES INDIA LTD

18 PRAJEEV STEEL UDYOG & SERVICES

19 PROMAIN LTD.

20 RASOI LTD

HINDUSTAN LEVER.

1 BONLTD.

2 BRINDAVAN PROPERTIES L TO.

3 BROOKE BOND INDIA L TO

4 DAVERSHOLA TEA CO. L TO.

5 DOOLIA TEA CO. L TO.

6 DOOM DOOMA INDIA L TO

7 HEATH &·CO. (CALCUTTA) LTD.

8 HINDUSTAN LEVER LTD

9 INDEXPORT LIMITED

10 LIPTON INDIA LTD

11 PONDS (EXPORTS) L TO.

12 PONDS (INDIA) LTD

13 QUEST INTERNATIONAL INDIA L TO.

14 STEPAN CHEMICALS LTD

15 TEA ESTATES INDIA LTD

16 THAISHOLA TEA CO. LTD.

ICI

1 ATIC INDUSTRIES LTD.

2 ICI INDIA LIMITED

3 IMKEMEX INDIA L TO.

4 NALCO CHEMICALS INDIA L TO

IDL

1 ASTRA IDL BIOCHEMICALS LTD.

2 ASTRA-IDL L TO.

3 EASTERN EXPLOSIVES & CEHMICALS L TO

4 IDL CHEMICALS L TO

5 RAJASTHAN EXPLOSIVES &CHEMICALS L TO

6 WAVIN INDIA LTD

I MFA

1 B. PANDA & CO. PVT. L TO.

2 BARABATIINVESTMENT & TRADING CO. PVT. L TO.

3 INDIAN CHARGE CHROME L TO

4 INDIAN METALS & CARBIDE L TO.

5 INDIAN METALS AND FERRO ALLOYS L TO

6 K B INVESTMENT PVT L TO.

7 MADHUBAN INVESTMENTS PVT. L TO.

8 PARAMITA INVESTMENT & TRADING CO. PVT. L TO.

INDAL (ALCAN)

1 INDIAN ALUMINIUM CO L TO

2 ORISSA EXTRUSIONS LTD

INDIA CEMENTS

1 ESSEN PVT. L TO.

2 ICL FOUNDRIES L TO.

3 INDIA CEMENTS L TO

IOL(BOC)

1 IOL LTD

2 KOLMAK CHEMICALS L TO

3 MAHARASHTRA WELDAIDS L TO

4 TIL L TD(EARLIER SPUNDISH ENGINEERS)

ISPAT (MITTAL)

1 GOTERMANN PEIPERS (INDIA) L TO

2 ISPAT ALLOYS L TO

3 ISPAT LEASINGS LTD.

4 ISPAT PROFILES INDIA L TO

5 MITTAL COMMODITIES PVT. LTD.

6 MITTAL PROJECTS PVT. L TO.

7 NIPPON DENRO ISPAT LTD.

lTC (BAT)

1 ADYAR PROPERTY HOLDING

2 ALL INDIA TOBACCO CO. L TO.

3 BHADRACHALAM PAPER BOARDS LTD

4 BIHAR HOTELS L TO.

5 CLASSIC FINANCE SERVICES ENTP. LTD

6 CLASSIC FINANCIAL SERVICES

7 COATES OF INDIA LTD

8 DELHI & ORIENT TOBACCO CO. L TO.

9 GREEN ACRES HOTELS & PROPERTIES

10 GUJARAT HOTELS BARODA LTD.

11 HALLMARK INVESTMENT L TO.

12 HALLMARK TOBACCO CO. LTD.

13 HILL PROPERTIES L TO

14 INTERNATIONAL TRAVEL HOUSE PVT. LTD.

15 lTC AGRO-TECH

16 lTC HOTELS LTD

17 lTC LIMITED

18 KOREGAON PARK HOTELS PVT. L TO.

19 LOTUS COURT L TO.

20 MIMEC (INDIA) PVT.LTD.

21 MODERN FLATS PVT. L TO.

22 NILAMBAR FOODS PVT. L TO.

23 PENINSULAR INVESTMENTS

24 PINNACLE INVESTMENTS L TO.

25 ROLLSPRINT PACKAGING LTD.

26 SAGE INVESTMENTS L TO.

27 SUMMIT INVESTMENT L TO

28 TOBACCO DIVERSIFICATION INVESTMENTS LTD.

29 TOBACCO LEAF INVESTMENTS L TO.

30 TRIBENI TISSUES L TO

31 TRIVENI HANDLOOMS

389

32 VAZIR INVESTMENTS L TO.

33 VST DISTRIBUTION STORAGE & LEASING CO. L TO.

34 VST INDUSTRIES L TO

35 VST INVESTMENTS L TO.

J.B. ADVANI

1 ADOR COOPER HEAT PVT. LTD.

2 ADOR DEUMA PVT. L TO.

3 ADOR TRANCLS PVT. LTD.

4 ADVANCED WELDING ALLOYS L TO.

5 ADVANI OERLIKON L TO

6 BRITE LITE CARBONS L TO.

7 J B ADVANI & CO. PVT. L TO.

8 JB ADVANI & CO (MYSORE) L TO

9 LALVANI CONSULTANTS PVT. LTD.

10 LALVANIINVESTMENTS PVT. LTD.

11 SEMICONDUCTORSLTD

0 JAIN SHUDH

1 AJANTA TUBES L TO

2 CHEMOPULP TISSUES L TO.

3 ELEPHANT A INDIA PVT. L TO.

4 ELEPHANT A OIL & VANASPATIINDS. L TO

5 HINDUSTAN BREWERIES & BOTTLING LTD.

6 INDO COUNT INDUSTRIES L TO.

7 JAIN BROTHERS PVT. L TO.

8 JAIN EXPORTS PVT. L TO.

9 JAIN STEEL FABRICATORS PVT. LTD.

10 JAIN STEELS & ALLOYS L TO.

11 JAIN TUBE CO. L TO.

12 MAHAVIR ALUMINIUM LTD

13 MAHAVIR INVESTMENTS LTD.

14 NITYANAND EXPORTS & CONSULTANTS CO LTD

15 PASUPATI ACRYLON L TO

16 PASUPATI HARYANA WOOLENS LTD

17 PASUPATI OVERSEAS PVT. LTD.

18 PASUPATI SPINNING & WEAVING MILLS LTD

19 RAMA VISION LTD.

20 SHIV A FLEXPAC L TO.

21 SHIVA LATEX LTD.

22 SHIV A PAPE.R MILLS L TO

23 SHREE ABHAY SINGH PAPER MILLS LTD.

24 SHRILON INDIA L TO.

25 SUPER TUBES PVT. L TO.

26 TUBE MILL (INDIA) L TO.

27 UNIQUE PIPE TRADERS

28 VI NOD ENTERPRISES PVT. L TO.

JAIPRAKASH

1 JAI PRAKASH ENTERPRISES L TO

2 JAIPRAKASH INDUSTRIES L TO

3 JAYPEE HOTELS LTD

JAISWAL

1 JAGAT JIT INDUSTRIES L TO

2 LP INVESTMENTS L TO.

3 MILKFOOD L TO

JARDINE HENDERSON (MEHTA)

1 APE BELLIS INDIA L TO

2 BEHUBOR INVESTMENTS L TO.

3 BHULANBAREE COAL CO. L TO.

4 CARDBOARD PRINTING & PROCESSING INDUSTRIES L TO.

5 COLOUR CARTONS L TO.

6 DHELAKHAT TEA CO. L TO.

7 GUJARAT DRUG & CEMICAL L TO

8 GUJARA T DRUGS & CHEMICALS L TO.

9 GUJARA T WEDGE WIRE SCREENS L TO

10 HOWRAH MILLS CO L TO

11 INFAR (INDIA) L TO

12 INTERCARE LTD.

13 JARDINE HENDERSON LIMITED

14 JARDINE VICTOR L TO.

15 KANKNARRAH CO LTD

16 KANT & CO L TO

17 NANDANAM ESTATES PVT. LTD.

18 RYDAK SYNDICATE L TO

19 SRIPADAM INVESTMENTS LTD.

JATIA

1 ASSOCIATED INDUSTRIES (ASSAM) L TO.

2 ASSOCIATED STONE INDUSTRIES (KOTA) L TO.

3CLSLTD.

4 CLS SERVICES L TO.

5 EASTEND PAPER INDUSTRIES L TO

6 F. PUDUMJEE & CO. L TO

7 GLADSTONE LYALL & CO L TO

8 HARDCASTLE & WAUD MFG L TO

9 HOWRAH SOAP CO. LTD.

10 INDIAN CARDBOARD INDUSTRIES L TO.

11 JATIA COTTON MILLS L TO.

12 JATIA ESTATE LTD.

13 JATIA INDUSTRIES PVT. LTD.

14 JATIA INVESTMENTS PVT. LTD.

15 JATIA MANUFACTURING & INVESTMENT CO. L TO.

16 JATIA PROPRIETORY CO. L TO.

17 ONKAR INDUSTRIES PVT. L TO.

18 PRAISE CO. PVT. LTD.

19 PUDUMJEE PULP & PAPER MILLS L TO

20 RAJASTHAN BREWERIES L TO.

21 RAMGANJMANDI INVESTMENTS L TO.

22 REFORM FLOUR MillS PVT. L TO.

23 REFORM FOOD PRODUCTS L TO.

24 SNOW WHITE FOOD PRODUCTS CO. L TO.

25 STONE AND MINERAL ASSOCIATES L TO.

JAY ANT DALAL

1 CAMPHOR & ALLIED PRODUCTS L TO

2 JAYANTVITAMINS LTD

3 PINE CHEMICALS L TO

4 VIDARBHA IRON & STEEL CORPON L TO

JINDAL DP

1 HINDUSTAN PIPE UDYOG L TO

390

2 JINDAL (INDIA)L TD

3 JINDAL ALUMINIUM LTD

4 JINDAL ASBESTOS CEMENT L TO.

5 JINDAL DRILLING & INDUSTRIES LTD

6 JINDAL IRRIGATION LTD

7 JINDAL PHOTOFILMS LTD

8 JINDAL PIPES LTD

9 MAHARASHTRA SEAMLESS LTD ..

JINDAL OP

1 JINDAL EQUIPMENT LEASING&CON.SERVICES LTD

2 JINDAL IRON & STEEL CO. LTD.

3 JINDAL ISPAT PVT. LTD.

4 JINDAL ROLLING MILLS PVT. LTD.

5 JINDAL STRIPS LTD

6 NALWA CEMENT LTD.

7 NALWA INVESTMENTS LTD.

8 NALWA STEELS LTD.

9 NAVIN ALLOYS LTD.

10 RIDHI SIDDHI FERRO ALLOYS LTD.

11 SAW PIPES LTD

12 SHALIMAR PAINTS LTD

13 SWASTIK FOILS LTD.

14 TWENTYFIRST CENTURY PRINTERS LTD

JK SINGHANIA

1 AKHAND INVESTMENT LTD.

2 ASHIM INVESTMENT CO LTD.

3 BENGAL & ASSAM COMPANY LTD

4 BHARA T BHANDAR

5 BHOPAL UDYOG LTD

6 BURLAP LAMINATING & PLASTICS PVT. LTD.

7 CROSSBOW INVESTMENTS LTD.

8 FENNER (INDIA) LTD

9 GANGES MANUFACTURING COMPANY LTD

10 GOPAL HOLDING CO. LTD.

11 HANSDEEP INVESTMENT LTD.

12 HIDRIVE FINANCE LTD.

13 HOYLE'S PAINTS LTD.

14 IMPEX (INDIA) LTD.

15 INDIA SYNTHETICS LTD.

16 INDIAN CHRONICLE LTD.

17 J K (BOMBAY) LTD.

18 J KAGENTS PVT. LTD.

19 J K CENTRALISED PVT. LTD.

20 J K CIRCUIT WORKS LTD.

21 J K COMMERCIAL CORPN. L TO.

22 J K ENGINEERING WORKS LTD.

23 J K FIBRETECH LTD.

24 J K HELENE CURTIS LTD.

25 J K INDUSTRIAL & MINERAL PRODUCTS LTD.

26 J K INVESTMENT LTD.

27 J K INVESTORS (BOMBAY) LTD.

28 J K LEASING CO. LTD.

29 J K MANUFACTURERS LTD.

30 J K PETROCHEMICALS LTD.

31 J K PHARMA-CHEM LTD.

32 J K TRADERS LTD.

33 JA YKA Y TECH LTD

34 JAYKAYCEM LTD.

35 JAYKAYLON INVESTMENT LTD.

36 JK CHEMICALS LTD

37 JK INDUSTRIES LTD

38 JK IRON & STEEL CO LTD

39 JK SATOH AGRICULTURAL MACHINES LTD

40 JK SYNTHETICS LTD

41 JK TECHNOSOFT LTD.

42 JKBM LTD.

43 JUGGILAL KAMLAPAT (AGENCY) LTD.

44 JUGGILAL KAMLAPAT (KANPUR)

45 JUGGILAL KAMLAPAT COTION SPG&WVG MILLS COL TD

46 JUGGILAL KAMLAPAT HOLDINGS LTD.

47 JUGGILAL KAMLAPAT JUTE MILLS LTD

48 JUGGILAL KAMLAPAT LAKSHMIPAT

49 JUGGILAL KAMLAPAT PADAMPAT

50 JUGGILAL KAMLAPAT UDYOG LTD.

51 KAMLA INVESTORS (KANPUR) LTD.

52 KANPUR INVESTMENTS L TO.

53 MAYFAIR FINANCE LTD.

54 NAV BHARAT VANIJYA LTD.

55 ORISSA SYNTHTICS LTD

56 PANCHANAN INVESTMENT LTD.

57 PARAM SUBHAM VANIJYA LTD.

58 PASHMINA HOLDINGS LTD.

59 PEOPLES INVESTMENTS LTD.

60 PLASTIC PRODUCTS LTD.

61 PLYWOOD PRODUCTS SITAPUR

62 POLAR INVESTMENTS LTD

63 PRANAV INVESTMENT (MP) CO. LTD.

64 RADIAL FINANCE LTD.

65 RAYMOND HOLDINGS LTD.

66 RAYMOND SYNTHETICS L TO.

67 RAYMOND WOOLEN MILLS LTD

68 RISHRA STEEL LTD

69 SEVEN SEAS TRANSPORTATION LTD

70 SIDHI VINAYAK INVESTMENTS LTD.

71 SITAPUR PLYWOOD MANUFACTURERS LTD

72 STANDARD CHEMICAL CO. PVT. L TO.

73 STRAW PRODUCTS LTD

74 TERRESTRIAL FINANCE LTD.

75 UNIVERSAL INDUSTRIAL LEASING CO. INDIA L TO.

76 YASHODHAN INVESTMENT LTD.

JOHNSON & JOHNSON

1 ETHNOR LTD.

2 JOHNSON & JOHNSON LTD

KANORIA R.K.

1 AEKTA LTD

2 ANAND HOLDINGS LTD.

391

3 BENGAL TEA & FABRICO LTD

4 CAUSTIC (INDIA) LTD.

5 CHEVIOT CO. LTD

6 CHLOROTEX LTD.

7 EASTERN CACHAR TEA CO. LTD.

8 INDIA GENERAL TRADING CO. LTD.

9 JUTE & SEEDS PVT. LTD.

10 KANORIAALKALIS & PLASTICS LTD.

11 KANORIA BUSINESS ENTERPRISES PVT. LTD.

12 KANORIA CHEMICALS & INDUSTRIES LTD

13 KANORIA CO. LTD.

14 KANORIA EXPORTS LTD.

15 KANORIA INDUSTRIES LTD

16 KANORIA JUTE INDUSTRIES LTD

17 KANORIA OVERSEAS LTD.

18 KANORIA POLYMERS LTD.

19 KANORIA WISCONSIN CENTRIFUGAL LTD

20 NAND IT INVESTMENTS LTD.

21 NEW GUJRAT COTION MILLS LTD.

22 OMEX INVESTMENTS & FINANCE LTD

23 PIPRI LTD.

24 PURTAB PORE COL TD

25 R J I INDUSTRIAL FINANCE CO. LTD.

26 R J I LEASING & SERVICES LTD.

27 R J M INVESTMENTS LTD.

28 RAJASTHAN COMMUNICATIONS LTD.

29 RELIANCE FIBRES LTD.

30 RELIANCE ISPAT INDUSTRIES L TD(RELIANCE JUTE)

31 RELIANCE SERVICES & CONSULTANTS LTD.

32 RELIANCE STEEL LTD

33 RJM FIBRE INDUSTRIES LTD

34 RJM INVESTMENTS LTD

35 SANA TAN INVESTMENT CO. LTD.

36 SHREE PIPES LTD

37 SWADESHI AGENCIES LTD.

38 VI DUN DEALERS LTD.

KAPADIA HN

1 COLRIDGE LTD.

2 CONTAINERS INDIA LTD

3 GENERAL ELECTRODES & EQUIPMENT LTD.

4 HARSHADRAY PVT. LTD.

5 INDUSTRIAL FACTORS LTD.

6 KAIRA CAN COMPANY LTD

7 POYSHA INDUSTRIAL CO LTD

KASTURBHAI LALBHAI (ARVIND)

1 ADMIRAL INVESTMENTS LTD.

2 AHMEDABAD NEW COTION MILLS CO. LTD

3 AKSHAR INVESTMENTS PVT. LTD.

4 ALLOYS & METAL CASTINGS CORPORATION

5 AMAL RASA YAN LTD

6 AMEER TRADING CORPN. LTD.

7 AMI CREDIT & FINANCE LTD.

8 AM IT PROCESSORS LTD.

9 AMIT PRODUCTS LTD.

10 AMOL DYCALCITE LTD

11 AMRIT CHEMICALS

12 AMTREX APPLIANCES LTD.

13 ANAGRAM FINANCE LTD

14 ANIL STARCH PRODUCTS LTD

15 ANUP ENGINEERING LTD.

16 ANUP INDUSTRIES PVT. LTD.

17 APELARVIND COMMUNICATION LTD.

18 APURVA CONTAINERS PVT. LTD.

19 ARTEX DEVELOPMENT LTD.

20 ARUNA MILLS LTD.

21 ARVIND GROUP MILLS RETAIL SHOP

22 ARVIND MILLS LTD.

23 ARVIND PRODUCTS LTD.

24 ASHIMA ~YNTEX PVT. LTD.

25 ASH ISH PRODUCTS PVT. LTD.

26 ASMAN INVESTMENTS LTD.

27 ASOKA MILLS LTD.

28 ATUL PRODUCTS LTD.

29 BANNER INVESTMENTS LTD.

30 CIBATUL LIMITED

31 CYNAMID INDIA LTD

32 GUJARAT AROMATES LTD.

33 GUJARAT METALFORM LTD.

34 LALBHAI EXPORTS

35 NUTAN MILLS LTD

36 OJAS CORPORATION

37 RAIPUR MANUFACTURING CO LTD

38 SAKRIYA INVESTMENTS LTD.

39 SAMVEG AGENCIES PVT. LTD.

40 SARASPUR MILLS LTD

41 STAR RADIO ELECTRIC CO.

KELVINATOR

1 EXPO MACHINERY LTD

2 KELBEX INTERNATIONAL LTD.

3 KELVINATOR OF INDIA LTD

4 SANSKRIT! INVESTMENTS PVT. LTD.

KHAITAN SN (KHAITAN FANS)

1 JHUNJHUNU HOLDINGS LTD.

2 KHAITAN (INDIA) LTD

3 KHAITAN ELECTRICALS LTD

4· KHAITAN FANS (INDIA) LTD

5 KHAITAN HOTELS (P) LTD.

6 KHAITAN INDUSTRIAL COMPLEX LTD

7 KHAITAN LEFIN LTD.

8 KHAITAN MARKETING PVT. LTD.

9 KHAITAN TIBREWALA ELECTRICALS PVT LTD

10 MAGNET HOLDINGS LTD.

KHAT AU

1 BOMBAY FOODS PVT. LTD.

2 CABLE CORPN. OF INDIA LTD

3 CARAVAN CONTAINERS PVT. LTD.

392

4 CARONA EXIM LTD.

5 CARONA LTD

6 CSC FINANCE & INVESTMENT LTD.

7 EAST COAST GAS COMPANY

8 FASHION PRINTS LTD.

9 INDOKEM LTD

10 JAYAKRISHNA PVT. LTD.

11 KAPSALES ELECTRICICALS LTD.

12 KEMING TOOLS CO. LTD.

13 KHATAU AMRITRAJ SPORTS INTERNATIONAL LTD.

14 KHAT AU BROS. PVT. LTD.

15 KHATAU DYES & FIBRES LTD.

16 KHATAU INDUSTRIES LTD.

17 KHATAU INTERNATIONAL LTD.

18 KHATAU JUNKER LTD

19 KHATAU MAKANJI & CO. PVT. LTD.

20 KHAT AU MAKANJI SPG & WVG CO LTD

21 KOSAN METAL PRODUCTS LTD.

22 KOSANGAS & COMPANY

23 LALITMANI PVT. LTD.

24 LAXMI CONSTRUCTION & TRADING CO. PVT. LTD.

25 MADHYA PRADESH ELECTRICALS LTD

26 MAN I TRADERS PVT. LTD.

27 MULRAJ KHAT AU & SONS PVT. LTD.

28 NEESHA & COMPANY

29 SHAKTIINSULATED WIRES PVT. LTD.

30 SHAKTI TRADING CO.

31 SHANTI KIRAN PVT. LTD.

32 SIGMA PAINTS LTD.

33 SUKIRAN PVT. LTD.

34 SUMAN I PVT. LTD.

35 VARUN SHIPPING COL TD

36 WEBEL TELEMATIK LTD.

37 WELDING ELECTRODES & METALLIC ALLOYS LTD.

KHODAY

1 KHODA Y BREWING & DISTILLING INDUSTRIES LTD.

2 KHODA Y DISTILLERIES LTD

3 KHODAY FINANCE PVT. LTD.

4 KHODA Y HOTELS PVT. LTD.

5 KHODA Y INDUSTRIES L TO.

6 KHODAY SYNTHETIC LTD.

7 KHODA Y TIME PVT. LTD.

KILACHAND - •..

1 ANKSHREE INVESTMENTS & TRADING CO. PVT. LTD.

2 BARODA COMMERCIAL CORPN. LTD.

3 CHEMICOAT LTD.

4 DIGVIJAY SPG. & WVG. CO. LTD.

5 DISTILLERS TRADING CORPORATION LTD.

6 ELPHINSTONE HOLDINGS & TRADING CO. PVT. L TO.

7 FORT PROPERTIES LTD.

8 GINNERS & PRESSERS LTD.

9 INDIA CARAT LTD.

10 INDIAN COMMERCIAL CO. LTD.

11 KESAR CHEMICALS LTD.

12 KESAR CORPORATION LTD

13 KESAR ENTERPRISES LTD

14 KESAR MARBLE & GRANITE LTD.

15 KESAR SUGAR WORKS LTD.

16 KILACHAND DEVCHAND & COMPANY LTD

17 MANGAL HOLDINGS & TRADING CO. PVT. LTD.

18 NAOMI TRADING & INVESTMENT CO. PVT. LTD.

19 NEPTUNE ASSURANCE CO. LTD.

20 NEW STAR INDUSTRIES LTD.

21 POL YCHEM LTD

22 PREMIER PETRO CHEMICALS LTD.

23 PRIME AGENCIES PVT. LTD.

24 PRIME ROSE ESTATES & INVESTMENT PVT. LTD.

25 SYNTHETICS & CHEMICALS LTD

26 TRACK PVT. LTD.

27 URVI ESTATE PVT. LTD.

KILLICK (RUIA)

1 ARJAV INVESTMENT PVT. LTD.

2 CENTRAL PROVINCES RAILWAYS CO. LTD

3 CRESSIDA INVESTMENTS LTD.

4 FIL TRONA INDIA LTD.

5 FIRCREST INVESTMENTS LTD.

6 GALACTICA INVESTMENTS LTD.

7 HINGIR RAM PUR COAL CO. LTD.

8 INTERNATIONAL BOREWELLS LTD.

9 KILLICK CARl BONUM LTD

10 KILLICK COURIERS & FORWARDS LTD.

11 KILLICK ENGINEERING LTD.

12 KILLICK EXPORTS LTD.

13 KILLICK FINANCIAL SERVICE LTD.

14 KILLICK HALCO LTD

15 KILLICK IMPEX LTD.

16 KILLICK INDUSTRIAL SERVICES PVT. LTD.

17 KILLICK INVESTMENT CO. LTD.

18 KILLICK LEASING LTD.

19 KILLICK NIXON LTD (EARLIER KILLICK INDUSTRIES)

20 KILLICK SHIPPING SERVICES LTD.

21 KILLICK SLOTTED ANGLES LTD.

22 KILLICK STRONGHOLD PRESTRESSING PVT. LTD.

23 MATTERHORN INVESTMENTS L TO.

24 MONTBLANC INVESTMENTS PVT. LTD.

25 PRIME CITY CAPITAL TRUST PVT. LTD.

26 PRIME CITY TRADING & INVESTMENTS CO. LTD.

27 SNOWCEM INDIA LTD.

28 SUCHINDRAN INVESTMENT PVT. LTD.

29 TRIBUNE INVESTMENTS & TRADING CO. LTD.

30 WALDORF INVESTMENTS

KILLICK ELECTRIC COMPANIES

1 AHMEDABAD ELECTRICITY CO LTD

2 BOMBAY SUBURBAN ELECTRIC SUPPLY LTD

3 SOUTHERN SWITCHGEAR LTD.

4 SURA T ELECTRICITY CO LTD

393

5 THANE ELECTRIC SUPPLY CO LTD

KIRLOSKAR

1 BEST CREDITS PVT. L TO.

2 CUMMINS DIESEL SALES & SERV. (I) LTD

3 G G DANDEKAR MACHINE WORKS L TO.

4 KARAD HYDRO ENGINEERING PVT. L TO.

5 KARNATAKA WELDING PRODUCTS L TO

6 KIRLOSKAR AUTOMOTIVE PVT. L TO.

7 KIRLOS~R BEARINGS L TO.

8 KIRLOSKAR BROTHERS L TO

9 KIRLOSKAR COMPUTER SERVICES L TO

10 KIRLOSKAR CONSULTANTS LTD.

11 KIRLOSKAR CUMMINS L TO

12 KIRLOSKAR DEVELOPERS & BUILDERS PVT. LTD.

13 KIRLOSKAR DIMENSIONS PVT. LTD.

14 KIRLOSKAR EBARA PUMPS L TO

15 KIRLOSKAR ELECTRIC COMPANY LTD

16 KIRLOSKAR ELECTRODYNE PVT. LTD.

17 KIRLOSKAR ENGINEERING PVT. L TO.

18 KIRLOSKAR ENGINEERING SERVICES

19 KIRLOSKAR FILTERS PVT. LTD.

20 KIRLOSKAR GHATGE PATIL AUTO L TO.

21 KIRLOSKAR INVESTMENTS AND FINANCE LTD

22 KIRLOSKAR KISSAN EQUIPMENT L TO.

23 KIRLOSKAR LEASING AND FINANCE L TO

24 KIRLOSKAR METGLASS PVT. LTD.

25 KIRLOSKAR OIL ENGINES L TO

26 KIRLOSKAR OVERSEAS PVT. LTD.

27 KIRLOSKAR PNEUMATIC CO LTD

28 KIRLOSKAR PROPRIETORY LTD.

29 KIRLOSKAR SONS & CO. PVT. LTD.

30 KIRLOSKAR SYSTEMS L TO

31 KIRLOSKAR WARNER SWASEY LTD

32 LAKAKI WORKS PVT. L TO.

33 MANJIRIINVESTMENT PVT. L TO.

34 MY SORE KIRLOSKAR L TO

35 NEW PRECISION INDIA L TO.

36 POOJA CREDITS PVT. L TO.

37 POONA INDUSTRIAL HOTEL L TO.

38 PRECISION TOOLING SYSTEMS L TO.

1 COMET STEELS L TO

2 LLOYDS STEEL INDUSTRIES LTD

3 MAGNETIC STEELS INTERNATIONAL L TO

4 MAGNIFICENT LEASING & INVESTMENTS L TO.

5 SIPTA COATED STEELS LTD

LML (SINGHANIA)

1 ACME INVESTMENTS L TO

2 ANURAG SYNTHETICS L TO.

3 ESTER INDUSTRIES L TO

4 LML FIBRES L TO.

5 LML LTD

6 LOHIA MACHINERY MANUFACTURERS L TO

7 PRKATI SYNTHETICS LTD.

8 SS SYNTHETICS LTD

9 VESPA CAR CO L TO

LNJ BHILWARA

1 BHARAT INVESTMENT GROWTH LTD

2 BHILWARA HOLDINGS L TO.

3 BHILWARA PRECESSORS L TO

4 BHILWARA SERVICES PVT. LTD.

5 BHILWARA SPINNERS L TO

6 BHILWARA SYNTHETICS LTD

7 BHILWARA VIKING PETROLEUM L TO.

8 HINDUSTAN ELECTRO-GRAPHITES LTD

9 IPIGRAPH ELECTRO-CERAMICS LTD.

10 M.P. VAN VIKAS HEG LTD.

11 RAJASTHAN SPINNING & WEAVING MILLS L TO

M KMOHTA

1 KRISHNA MOHTA KOSH

2 M K MOHTA FAMILY TRUST

3 MAHENDRA ENDOWMENT TRUST

4 MAHENDRA KUMAR FAMILY TRUST

5 MOHTA CELLULOSE PRODUCTS L TO.

6 MOHTA COTTON MILLS PVT. LTD.

7 MOHTA ELECTRO STEEL L TO.

8 MOHTA INVESTMENTS PVT. LTD.

9 PODDAR COTTON DEALERS PVT. L TO.

10 RAJGARH INDUSTRIES PVT. L TO.

11 RATLAM ISPATLTD.

12 SHREE BHAWANI COTTON MILLS & INDS LTD

39 SHIVAJI WORKS L TO M.A. CHIDAMBARAM

40 SHREEKANT KIRLOSKAR I NV. & TRADING CO. PVT. L TO. 1 AGRO CARGO TRANSPORT L TO

41-"S:RI-H~RIHARESHWARA FINANCE & INVESTMENT.S,(P) L H2 ARMENIAN INVESTMENTS LTD.

42 WARDHMAN AUTOMOTIVE ELECTRICAL$

LARSEN & TOUBRO

1 AUDCO INDIA L TO.

2 EWAC ALLOYS L TO

3 GENERAL MACHINERY & TECHNICAL SERVICE L TO.

4 L & T GOULD L TO

5 L&T MACNEIL LTD

6 LARSEN & TOUBRO L TO

7 TRACTORS ENGINEERS L TO

LLOYD (RN GUPTA)

3 AUTOMOBILE PRODUCTS OF INDIA LTD.

4 AUTOMOBILE RUBBER PRODUCTS PVT. L TO.

5 BALAJI PACKAGING PVT. L TO.

6 COMMERCIAL & ALLIED ENTERPRISES L TO.

7 CORN INDUSTRIES & GENERAL ENTERPRISES L TO.

8 ELLIOT INVESTMENT L TO.

9 EVEREST INVESTMENTS L TO.

10 EXPRESS CARRIERS LTD.

11 FIRST LEASING CO OF INDA LTD'

12 GOODWILL BULK CARRIERS LTD.

394

13 HARRINGTON INVESTMENT L TO.

14 INDIA RADIATORS LTD.

15 INDRAD AUTO COMPONENTS LTD

16 J N K (AGENCIES) LTD.

17 MANALI PETRO CHEMICALS L TO

18 MARDIA CHEMICALS PVT LTD

19 MARKS MARINE & PLASTICS L TO.

20 MERCANTILE CREDIT CORPN. L TO

21 ORIENT TOURS & VACATIONS (INDIA) PVT. LTD.

22 PAPANASAM PAPER MILLS L TO.

12 DUFFLAGHUR INVESTMENTS LTD.

13 FAIRLIE PLACE SERVICE L TO

14 FAITH INVESTMENTS LTD

15 FLENDER MACNEILL GEARS L TO

16 FRASER & CO. L TO.

17 FRASER INDIA L TO.

18 FRASER INVESTMENTS L TO.

19 GANGES PRINTING CO. L TO.

20 GEORGE WILLIAMSON (ASSAM) L TO

21 INDIA FOILS L TO

23 PROFESSIONALS ADVERTISING & DESIGN AGENCY PVTJ21"1311LBURN CO. L TO.

24 RIPON INVESTMENTS L TO.

25 SICAAL JEBSEN SHIP INDIA L TO

26 SOUTH INDIA ADVERTISING"

27 SOUTH INDIA AUTOMOTIVE CORPN. L TO.

28 SOUTH INDIA CORPORATION (AGENCIES) L TO

29 SOUTH INDIA HOUSE INVESTMENTS L TO.

30 SOUTH INDIA SUGAR AGENCY

31 SOUTH INDIA SUGARS L TO

32 SOUTH INDIA TRAVELS PVT. L TO.

33 SOUTHERN AGRI FURANE INDUSTRIES L TO

34 SOUTHERN CHLORO-CHEMICALS (P) L TO.

35 SOUTHERN EBONITES PVT. L TO.

36 SOUTHERN ELECTRICALS

37 SOUTHERN INDUSTRIAL CORPN. L TO.

38 SOUTHERN MOTORS & AGENCIES

39 SOUTHERN PETRO CHEMICAL IND.CORPN LTD

40 SOUTHERN SCOOTERS L TO.

41 SOUTHERN TECHNICAL SERVICES PVT. LTD.

42 SPIC ELECTRONICS & SYSTEMS L TO

43 SRI BALAJEE SUGARS L TO.

44 STANDARD MOTOR PRODUCTS INDIA L TO

45 SYDENHAM INVESTMENTS L TO.

46 TAMIL NADU PEARLS PVT. LTD.

47 TAMIL NADU PETRO PRODUCTS LTD

48 TANDEM ELECTRONICS & ENGG. SERVICES L TO.

23 KILBURN ENGINEERING L TO.

24 KILBURN REPROGRAPHICS L TO

25 LIGHT METAL INDUSTRIES L TO

26 MACNEILL & MAGOR L TO

27 MAKUM TEA CO (INDIA) L TO

28 MCLEOD RUSSEL (INDIAN) L TO

29 MC-NALLY BHARA T ENGG CO L TO

30 MORAN TEA CO. (INDIA) L TO.

31 NACHIKETA INVESTMENTS LTD.

32 NAMOANG TEA CO (INDIA) L TO

33 NANGDALA TEA CO L TO

34 NIAGARA INVESTMENT CO. L TO.

35 RUPAJULI TEA CO L TO

36 STANDARD BATTERIES LTD

37 WOODSIDE PARKS L TO.

38 WORTHINGTON PUMP INDIA L TO

MADURA COATS (COATS PATONS)

1 KOR INVESTMENTS L TO.

2 MADURA COATS L TO

3 PANDYAN PRESS L TO.

MAFATLAL

1 ANUDEEP HOLDINGS L TO.

2 C C C SERVICES CO. PVT. L TO.

3 CHIMANLAL PAREKH & CO.

4 EN SON HOLDINGS PVT. L TO.

49 TRICHY EVEREST AUTOMOBILES & AGENCIES PVT. L TO. 5 G L REXROTH INDUSTRIES L TO

50 TUBE SUPPLIERS L TO.

51 TUBES & MALLEABLES L TO.

52 TUTICORIN ALKALI CHEM.& FERT. L TO

53 WESTERN THOMSON (INDIA) L TO.

MACNEILL & MAGOR

-:-.. ;;1,~fv'IRITANSHU INVESTMENTS L TO.

2 ANDAMANS TIMBER INDUSTRIES L TO

3 ASSAM BENGAL CEREALS L TO.

4 BISHNAUTH TEA COMPANY L TO

5 CALCUTTA TEA CHEST & FIBRES L TO.

6 CLIVIA INVESTMENTS L TO.

7 DALHOUSIE HOLDINGS L TO.

8 DEBIKAY ELECTRONICS INDUSTRIES PVT. LTD.

9 DEBIKAY INFORMATION TECHNOLOGY LTD

10 DEWRANCE MACNEILL & CO. L TO.

11 DIRAIINVESTMENTS L TO.

6 GAGALBHAIINVESTMENTS PVT. LTD.

7 GENERAL & TIMBER PRODUCTS DELHI

8 GUJARA T GAS CO L TO

9 GUJARATTEXTRONICS LTD.

10 INDIAN DYESTUFF INDUSTRIES L TO

11 M G ASSOCIATES

12 MAEGABYTE CONSULTANCY SERVICES L TO.

13 MAFATLAL CONSULTANCY SERVICES (INDIA) L TO.

14 MAFATLAL FINANCE CO. LTD.

15 MAFATLAL INDUSTRIES LTD.

16 MAFATLAL SERVICES LTD.

17 MAFATLAL ZINSER ENGG. CO. LTD.

18 MAFTLAL APPAREL MFG CO L TO

19 MAFTLAL DYES & CHEMICALS L TO

20 MAFTLAL ENGINEERING INDUSTRIES L TO

21 MAFTLAL FINE SPG & MFG CO LTD

395

22 MAFTLAL PLYWOOD INDUSTRIES LTD

23 MAHAAMBA INVESTMENTS LTD.

24 MAHAMAYA INVESTMENTS LTD

25 MAHASMRUTI INVESTMENTS LTD.

26 MAHAVIDYA INVESTMENTS PVT. LTD.

27 MANGALYA TRADING & INVESTMENTS LTD.

28 MATANGIINVESTMENTS LTD.

29 MATCON EXPORT ENTERPRISES LTD.

30 MATPUKA INVESTMENTS LTD.

31 MATULYA MILLS LTD

32 MAYOGA INVESTMENTS LTD.

33 MEGAWARE COMOPUTERS LTD

34 MIHIR TEXTILES LTD

35 MISHAPAR INVESTMENTS LTD.

36 MUPNAR FILMS LTD.

37 NATIONAL ORGANIC CHEMICAL INDUSTRIES LTD

38 PADMATEX ENGINEERING LTD

39 POL YOLEFINS INDUSTRIES LTD

40 PRADEEP INVESTMENTS PVT. LTD.

41 SANDEEP HOLDINGS LTD

42 SANDEEP TRADERS & INVESTMENTS LTD.

43 SHANU DEEP LTD

44 SHEILADEEP INVESTMENTS LTD

45 SONANDA ELECTRONICS LTD

46 STANDARD INDUSTRIES LTD

47 STANDARD SALT WORKS LTD.

48 STANROSE HOLDINGS LTD.

49 SUPERFINE AROMATIC CO. LTD.

50 TEXTILE DISTRIBUTORS AGENTS

51 TRUMAC ENGINEERING CO LTD

52 URVIJA INVESTMENTS LTD.

53 VINADEEP INVESTMENTS LTD

MAHINDRA & MAHINDRA

1 MAHINDRA & MAHINDRA LTD

2 MAHINDRA NISSAN ALLWYN LTD

3 REMINGTON RAND OF INDIA LTD

4 VICKERS SYSTEMS INTERNATIONAL LTD

5 OTIS ELEVATOR CO. (INDIA) LTD

6 DR, BECK & CO. (INDIA) LTD

7 MAHINDRA UGINE STEEL COL TD

8 MACHINERY MANUFACTURERS CORPORATION LTD

9 ALLWYN NISSAN LTD.

10 KOTAK MAHINDRA FINANCE LTD

11 MAHINDRA SINTERED PRODUCTS LTD

12 MAHINDRA ENGG. & CHEMICAL PRODUCTS LTD.

13 CONSOLE ESTATE & INVESTMENTS LTD.

14 MAHINDRA BRITISH TELECOM LTD.

15 PRESS SYNDICATE LTD.

16 MAHINDRA EXPORTS LTD.

17 INDIAN EASTERN ENGINEER CO. LTD.

18 KLM ENGINEERING CO. LTD.

19 MAHINDRA OWEN LTD.

20 INDIAN NATIONAL DIESEL ENGINE CO LTD.

21 ROPLAS (INDIA) LTD.

MANGALDAS JEYSINGBHAI (GUJARAT STEEL TUBES)

1 DINESH POL YBER LTD.

2 GUJARAT STEEL TUBES LTD.

3 NEEKA TUBES LTD.

4 RUSTOM DATA SERVICES LTD.

5 RUSTOM DINESH EXPORTS & MARKETING PVT. LTD.

6 RUSTOM MILLS AND INDUSTRIES LTD

7 RUSTOM SPINNERS LTD.

8 RUSTOM SYNTHETICS LTD.

9 RUSTOM TEXTILE LTD.

10 RUSTOM TYRES PVT. LTD.

MANIPAL

1 BLUE CROSS BUILDERS & INVESTORS LTD.

2 CANARA CASTINGS PVT. LTD.

3 CANARA LAND INVESTMENTS LTD.

4 CANARA STEEL LTD.

5 CANARA WIRE & WIRE PRODUCTS LTD.

6 CANARA WORKSHOP LTD

7 FIRTH (INDIA) STEEL CO LTD

8 INDUSTRIAL CREDIT & DEVT. SYNDICATE LTD

9 KARNATAKA CONSUMER PRODUCTS LTD

10 MAHARASHTRA APEX CORPN LTD

11 MAN I PAL FINANCE CORPN. LTD

12 MANIPAL HOUSING DEVELOPMENT & FINANCE CO. LTD.

13 MANIPAL INVESTMENT LTD.

14 MANIPAL PRINTERS & PUBLISHERS LTD.

15 MANIPAL SOWBHAGYA NIDHI LTD.

MEHTA CK

1 DEEPAK FERTILISERS & PETROCH. CORP. LTD

2 DEEPAK NITRITE LTD

3 NOVA SYNTHETICS LTD.

MEHTA MAHENDRA

1 ASSAM CO. LTD.

2 CEMENT CORPN. OF GUJARA T LTD.

3 SAURASHTRA CEMENT & CHEMICALS IND. LTD

MEHTA SURESH MANHERLAL

1 ASSOCIATED PRECISION SPINDLES LTD.

2 RAJ NAGAR SPG. WVG. & MFG. CO. LTD.

3 STAR HOLDINGS & ELECTRONIC RESEARCH PVT. LTD.

4 STAR HOLDINGS PVT. LTD.

5 STAR INDUSTRIAL&TEXTILE ENTERPRISES LTD

.6. STAR MACHINERY MAFGR CO LTD

7 STAR MARKETING & SERVICES LTD.

8 STAR OF GUJARAT TEXTILE MILLS LTD.

9 STAR TRADING CO. PVT. LTD.

10 STAR VOLKMANN LTD

MGF

1 INDIA LEASE DEVELOPMENT LTD

2 M G F SERVICES LTD.

3 MGF (INDIA) LTD

4 MOTOR & GENERAL FINANCE LTD.

396

MODERN (HS RANKA)

1 MODERN INSULATORS L TO

2 MODERN SUJTJNGS L TO

3 MODERN SYNTEX INDIA L TO

4 MODERN THREADS INDIA L TO

5 MODERN WOOLENS L TO

6 MODERN WOOLLEN CARPETS L TO.

7 SUNEEL TEXTILES MILLS L TO

MODI

1 ANAND TRADERS

2 ASSOCIATED TUBE WELLS(INDIA) L TO.

3 BIHAR SPONGE IRON L TO

4 BOMBAY TYRES INTERNATIONAL LTD

5 CHASE INVESTMENTS L TO.

6 CHIRANJILAL & SONS

7 CHJRANJILAL ANGNAMAL

8 CITY LEASING & FINANCE L TO.

9 CONTINENTAL PUMPS AND MOTORS L TO

10 GODFREY PHILIPS INDIA L TO

11 GOOD INVESTMENTS (INDIA) L TO.

12 GUJARATGUARDIAN LTD.

45 MODIPON L TO.

46 OWN INVESTMENT (INDIA) L TO.

47 PATIALA FLOUR MILLS CO. L TO.

48 QUICK INVESTMENT (INDIA) L TO.

49 R B GUJARMAL MODI & BROS. PVT. L TO.

50 RAJ BAHADUR MUL TANIMUL & SONS PVT. L TO.

51 SETH CHIRANJILAL MUL TANIMAL

52 SETH CHIRANJILAL MUL TANIMAL R.B. PVT. L TO.

53 SPIN INVESTMENT INDIA L TO.

54 SUPER INVESTMENT (INDIA) L TO.

55 SUPERIOR INVESTMENT INDIA L TO.

56 SURAJ PRAKASH ANAND PRAKASH

57 TRANSNATIONAL TRAVELS PVT. LTD.

58 UPASANA TEXTILES L TO.

59 VIS HAL SYNTEX L TO.

60 YOUR INVESTMENT (INDIA) L TO.

MOHAN MEAKJNS

1 JOHN OAKEY & MOHAN L TO.

2 MOHAN CARPETS (INDIA) L TO.

3 MOHAN CHEMICALS & DYES L TO.

4 MOHAN CLOSURES PVT. L TO.

13 GUJARMAL MODI HEALTH CARE RESEARCH CENTRE P. UfiDIIOHAN HOKKE L TO.

14 INDIAN XEROGRAPHIC SYSTEMS L TO

15 INDOFIL CHEMICALS L TO.

16 INTERNATIONAL TOBACCO CO. LTD.

17 LONGWELL INVESTMENT PVT. L TO.

18 MANHATTAN CREDITS & FINANCE LTD.

19 MODERN SPINNERS L TO.

20 MODI ALKALIES & CHEMICALS L TO.

21 MODI ARE L TO.

22 MODI BUSINESS MACHINES PVT. L TO.

23 MODI CARPETS L TO.

24 MODI CEMENT L TO.·

25 MODI CHAMPION L TO.

26 MODI DISTILLERY & ALLIED INDUSTRIES PVT. L TO.

27 MODI ELECTRIC SUPPLY CO. L TO.

28 MODI FIBRES L TO.

29 MODI HOBART L TO.

30 MODI INDUSTRIES L TO.

31 MODI MIRRLEES BLACKSTONE L TO.

32 MODI MOTORS PVT. L TO.

33 MODI OLIVETTI L TO.

34 MODI OVERSEAS.JNVESTMENTS L TO.

35 MODI RUBBER L TO.

36 MODI SANTA-FE INDIA P. LTD.

37 MODI SPG. & WVG. MILLS CO. L TO.

38 MODI STALEY PVT. L TO.

39 MODI SYNTHETICS L TO.

40 MODI TELEMATICS LTD.

41 MODI THREADS L TO.

42 MODI TRADING & INDUSTRIAL SYNDICATE L TO.

43. MODI WIZARDS SYSTEMS PVT. L TO.

44 MODI XEROX L TO.

6 MOHAN HOTELS PVT. L TO.

7 MOHAN MEAKIN L TO.

8 MOHAN ZUPACK L TO.

9 NATIONAL CEREALS PRODUCTS LTD.

10 SIDECO MOHAN KERALA LTD.

MRF

1 BADRA ESTATES & INDUSTRIES L TO.

2 CRYSTAL INVESTMENT & FINANCE CO. L TO.

3 DEVON MACHINES PVT. L TO.

4 DEVON PLANTATIONS & INDUSTRIES L TO.

5 FUNSKOOL (INDIA) L TO

6 M M RUBBER CO L TO

7 MALAYALAM MANORAMA LTD.

8 MRF LTD.

MURUGAPPA CHETTIAR

1 A M M ARUNACHALAM & SONS PVT. L TO.

2 AM M VELLA YAM SONS PVT. LTD.

3 AMBADI ENTERPRISES PVT. L TO.

4 AMPHETRONIX L TO

5 ANDHRA FERTILIZERS L TO.

6 ASIAN INVESTMENT L TO.

7 BT INVESTMENTS L TO.

8 BUNDY TUBING OF INDIA L TO

9 C P INVESTMENTS L TO.

10 C.W.S. (INDIA) L TO

11 CARBORANDUM UNIVERSAL L TO

12 CARBORANDUM UNIVERSIAL INVESTMENTS L TO

13 CARBORUNDUM UNIVERSAL MANG.EMPL YS WELF. FOUNI

14 CAUVERY SUGAR & CHEMICALS LTD

15 CHOLAMANDALAM FACTORING L TO.

16 CHOLAMANDALAM FINANCE LTD.

397

17 CHOLAMANDALAM HIRE PURCHASE FINANCE LTD.

18 CHOLAMANDALAM HOUSING FINANCE L TO.

7 NAGARJUNA ENGG. & CONSTRUCTION CO. PVT. L TO.

8 NAGARJUNA FERTILISERS & CHEMICALS L TO.

19 CHOLAMANDALAM LEASE & HIRE PURCHSE LTD.

20 CHOLAMANDALAM SOFTWARE L TO

21 CHOLAMANDALAN INVESTMENT FINANCE CO.L TO

22 COCOA PRODUCTS & BEVERAGES L TO.

23 CONFIDENCE TRADING CO. L TO.

24 COROMANDAL FERTILISERS L TO

9 NAGARJUNA FINANCE L TO

10 NAGARJUNA HIRE PURCHASE LTD

11 NAGARJUNA INVESTMENT TRUST L TO

12 NAGARJUNA SIGNODE L TO

13 NCL INDUSTRIES L TO.

·14 NCL SECCALOR LTD.

25 COROMANDAL PRODORITE L TO.

26 COROMANDEL ENGG. CO. L TO.

15 NSL L TO (EARLIER NAGARJUNA STEELS)

16 PENNAR STEELS L TO

27 COROMANDEL HOLDING PVT. L TO.

28 CRESENT INVESTMENTS L TO

17 VIJAYALAKSHMIINSECTICIDES & PESTICIDES PVT. LTC

NAIDU G.V.

29 DARE HOUSE INVESTMENTS L TO.

30 DHANYALAKSHMIINVESTMENTS L TO.

31 E. I. D. PARTY (INDIA) L TO

1 B.RANGASWAMY NAIDU CATTLE FARMS PVT. LTD.

2 B.RANGASWAMY NAIDU ORCHARDS PVT. L TO.

3 CENTRAL STUDIOS & TEXTILES L TO.

32 EASTERN ABRASIVES L TO. 4 CHANDRA TEXTILES L TO.

33 EID PARRY (INTERNATIONAL) 5 CHIDAMBAR COMPUTER SERVICES

34 FERROX PROCESSES L TO. 6 COIMBATORE PIONEER FERTILISERS LTD.

35 INDIAN DAIRY ENTREPRENEURS AGRICULTURAL CO. LTCY. COIMBATORE LAKSHMI COTTON PRESS PVT. L TO.

36 KADAMANE ESTATE CO. 8 COIMBATORE PIONEER MACHINE WORKS LTD

37 KARTIK INVESTMENT TRUST L TO. 9 COIMBATORE PIONEER MILLS L TO

38 KASTURI AGRO PRODUCTS L TO 10 D A INVESTMENTS PVT. L TO.

39M M MUTHIAH RESEARCH FOUNDATION PVT. LTD. 11 DEE-JAY LEASING CO. LTD.

40 M.M.MUTHIAH SONS PVT. LTD. 12 G K DEVARAJULU NAIDU & COMPANY

41 MANAPAKKAM ESTATES PVT. LTD. 13 GEEKAY LEASING CO.

42 MOFUSSIL WAREHOUSE & TRADING CO. L TO. 14 GUN & RIFLE SHOP

43 MURAGAPPA ELECTRONICS LTD 15 JANARDHAN ASSOCIATES

44 MURAGAPPA MORGANITE CERAMIC FIBRES L TO 16 KRISHNA MILLS PVT. L TO.

45 MURUGAPPA & SONS 17 KRISHNASWAMY ASSOCIATES

46 NEWAMBADI ESTATES PVT. LTD. 18 KUPPUSWAMY NAIDU CHARITY TRUST

47 NEWAMBADIINVESTMENTS PVT. LTD. 19 LAKSHMI AUTOMATIC LOOM WORKS LTD

48 PARRY & CO. L TO. 20 LAKSHMI CARD CLOTHING MFG CO L TO

49 PARRY'S CONFECTIONARY I NV. & FINANCE CO. L TO. 21 LAKSHMI ELECTRICAL CONTROL SYSTEMS L TO

50 PARRY'S CONFECTIONERY L TO 22 LAKSHMI MACHINE WORKS L TO

51 POLUTECH L TO. 23 LAKSHMI MILLS COL TO

52 PUSHPARANG INVESTMENT CO. PVT. L TO. 24 LAKSHMI PRECISION TOOLS L TO.

53 SANTHANALAKSHMIINVESTMENTS LTD. 25 LAKSHMI RING TRAVELLERS (COIMBATORE)LTD

54 T I DIAMOND CHAIN LTD 26 LAKSHMI SYNTHETIC MACHINERY MANUFACTURERS LT

55 TEEA YE INVESTMENTS L TO 27 LAKSHMI TEXTILE EXPORTERS L TO.

56 TI&M L TO. 28 LMW INVESTMENTS L TO

57 TIAM HOUSE SERVICES LTD. 29M S VENKATASWAMY NAIDU & COMPANY

58 TIAM INVESTMENTS L TO. 30 MANAS ENTERPRISES

-.:...JI·· .. ,S&TIMMCARE LTD. 31 MIDWAY INTERNATIONAL TRAVELS

60 TUBE I NV. OF INDIA MGT. EMPL YS WLFRE FOUNDTN. L TBI2 PERlA GOVINDSWAMY NAIDU HINDU RELIGIOUS TRUST

61 TUBE INVESTMENT OF INDIA L TO

62 WELDABLE INVESTMENTS L TO.

NAGARJUNA

1 D.C.L. FINANCE L TO

2 DCL POLYESTERS L TO

3 DCL SYNTHETICS & CHEMICALS L TO.

4 DECCAN CEMENTS L TO

5 KLAYMAN PORCHELAINS LTD

6 NAGARJUNA COATED TUBES L TO

33 PIONEER BREWERIES L TO.

34 R KRISHNASWAMY INVESTMENT PVT. L TO.

35 R SANTHARAM INVESTMENT PVT. L TO.

36 RAJ OVERSEAS TRADERS

37 RAJALAKSHMI MILLS L TO

38 RAJALAKSHMI PLASTIC INDUSTRIES

39 RAJALAKSHMI TEXTILE PROCESSORS L TO.

40 SAITRONICS CORPN.

41 SANTHRAM ASSOCIATES

398

42 SRI MEENAKSHI PLASTIC INDUSTRIES

43 SRI VALLI ASSOCIATES.

44 SUPER SALES AGENCIES L TO

45 TEXTOOL COMPANY L TO

46 UNITED BLEACHERS L TO.

2 AIR FREIGHT PVT. L TO.

3 ARCHWAY INVESTMENT CO. PVT. L TO.

4 AVIATION CONSULTANCY LTD.

5 BOMBAY BURMAH TRADING CORPORATION LTD

6 BOMBAY BURMAH TRADING EMPLOYEES WELFARE CO. L

47 VENKATESA PERUMALSWAMY PADITHARA KATTALAI AR."POOIIIIBAY DYEING & MFG CO. LTD

48 VIJAYESHWARI TEXTILES LTD. 8 BOTANIUM LTD.

NAVA BHARAT 9 BRT L:TD

1 AVANTI LEATHERS LTD 10 CITURGIA BIOCHEMICALS LTD

2 BEARDSELL CABLE BELT L TO. 11 DENTAL PRODUCTS OF INDIA L TO.

3 BEARDSELL ENGINEERING L TO. 12 GEORGE WILLS & SONS (INDIA)

4 BEARDSELL INSULATION LTD. 13 GHERZI EASTERN INVESTMENTS LTD.

5 BEARDS ELL L TO 14 GHERZI EASTERN L TO.

6 BEARDSELL MARKETING L TO. 15 HIMGIRI TRADING & AGENCIES L TO.

7 BEARDSELL SA TEO L TO. 16 IPONITA INVESTMENTS LTD.

8 NAVA BHARAT ENTERPRISES L TO 17 JASPER INVESTMENTS L TO.

9 NAVA BHARAT FERRO ALLOYS L TO 18 KACHALDARA TRADING L TO.

10 NAVA BHARATTOBACCO CO. LTD. 19 N S GUZDER & CO. PVT. LTD.

11 NAVBHARAT INDUSTRIAL LEASING&EQUIP. PVT L TO 20 NAPEROL INVESTMENTS L TO.

12 NB CONTAINERS LTD. 21 NATIONAL PEROXIDE LTD

13 NB FOOTWEAR L TO. 22 NEVILLE WADIA L TO.

14 NBE INVESTMENTS L TO. 23 NOWROSJEE WADIA & SONS LTD

NICCO 24 PAVILLE FASHION PVT. LTD.

1 ASSOCIATED INDUSTRIAL DEVELOPMENT CO. PVT. L TD25 PENTAFIL INVESTMENTS L TO.

2 FURMANITE NICCO FINANCIAL SERVICES L TO.

3 FURMANITE NICCO INVESTMENT L TO

4 FURMANITE NICCO L TO.

5 HAMBRO NICCO FINANCIAL SERVICES L TO.

6 MTW NICCO L TO.

7 NATIONAL INSULATED CABLE CO OF INDIA LTD

8 NICCO BATTERIES L TO.

9 NICCO FINANCIAL SERVICES LTD.

10 NICCO HELIFUSION, L TO.

11 NICCO INVESTMENT L TO.

12 NICCO MOLECULAR L TO.

13 NICCO ORISSA L TO.

14 NICCO PARKS & RESORTS LTD.

15 NICCO PRINTRONICS L TO.

16 NICCO STEELS LTD.

17 NICCO UCO. FINANCIAL SERVICES LTD.

18 NICCOLITE PVT. L TO.

19 TELELINK NICCO LTD

20 WE BEL NICCO ELECTRONICS L TO

NIRLON SYNTHETICS

1 CASSANDRA INVESTMENTS L TO.

2 FILAMENT FINANCE & INVESTMENTS L TO.

3 MENTOR INVESTMENTS L TO.

4 NESTOR INVESTMENTS L TO.

5 NIRESTER FINANCE & INVESTMENT CO. L TO.

6 NIRLON INVESTMENTS L TO.

7 NIRLON LTD

NOWROSJEE WADIA .

1 AFCO INDUSTRIAL CHEMICALS L TO

26 SCAL INVESTMENTS L TO.

27 WELLMAN (HINDUSTAN) L TO

28 WONDERLENE INVESTMENTS L TO.

OBEROI M.S.

1 CLARKS HOTELS (I) PVT. L TO.

2 EAST INDIA HOTELS L TO

3 KASHMIR MOUNTAIN TRAVELS PVT. L TO.

4 MERCURY TRAVELS INDIA L TO.

5 NEW DELHI SUPPLY SYNDICATE PVT. L TO.

6 NORTHERN INDIA CATERERS PVT. LTD.

7 OBEROI ASSOCIATES HOTEL L TO

8 OBEROI BUILDINGS & INVESTMENTS PVT. L TO.

9 OBEROI HOLDINGS PVT L TO

10 OBEROI HOTELS PVT. LTD.

11 OBEROI INVESTMENTS PVT. L TO.

12 OBEROI LEASING & FINANCE CO PVT L TO

13 OBEROI MINORI BEACH HOTELS L TO.

14 OBEROI PALACES & RESORTS INTERNATIONAL L TO.

15 OBEROI PLAZA PVT L TO- ·

16 OBEROI PROPERTIES PVT. L TO.

17 OXFORD HUNTERS (P) L TO.

18 PETERS & SMITH (INDIA) PVT. LTD.

19 SATYA INDUSTRIES PVT. LTD.

ONIDA (MIRCHANDANI)

1 JVC MIRCHANDANI INVESTMENT L TO.

2 MIRC ELECTRONICS PVT. L TO.

3 MONICA ELECTRONICS L TO.

4 ONIDA SAKA L TO.

5 ONIDA SAVAK L TO

399

ORKAY SILK

1 ARJUN SYNTHETICS PVT. L TO.

4 PARTAP STEELS LTD

PFIZER

2 ENPEEKAY TEXTILES & GENERAL INDUSTRIES PVT. LTD. 1 EUPHORIC DRUGS L TO

3 JAMES SYNTHETICS & HOLDINGS L TO.

4 KALE IDO TEXTILES L TO.

5 KAPAL DYEING & BLEACHING WORKS PVT. L TO.

6 MAPLE-LEAF SYNTHETICS PVT. L TO.

7 MEHRA SYNTHETICS PVT. L TO.

8 ORKAY INTERNATIONAL (TEXTILE) PVT. LTD.

9 ORKAY INVESTMENTS PVT. L TO.

10 ORKAY LEASING & FINANCE LTD

11 ORKA Y MAN-MADE TEXTILES PVT. L TO.

12 ORKAY SILK MILLS LTD

13 ORLANDO SYNTHETICS INDUSTRIES PVT. LTD.

14 PARAMOUNT SYNTHETICS PVT. L TO.

15 RAJANIA SYNTHETICS PVT. L TO.

16 RAJESH DYEING & BLEACHING WORKS PVT. LTD.

17 RAJTEX SYNTHETICS PVT. LTD.

18 SACHIN TRANSO PVT. LTD.

19 SACHIND SYNTHETIC & HOLDINGS PVT. L TO.

20 SHABU SYNTHETICS L TO.

21 SHISHU SYNTHETICS PVT. L TO.

22 SUNGOLD SYNTHETICS TEXTILES PVT. L TO.

23 TINKU SYNTHETICS PVT. L TO.

24 TRANSO TEXTILES & INVESTMENTS L TO.

25 VI NATA TEXTILES & INVESTMENT OVT. L TO.

OSWAL

1 ADHINATH TEXTILES L TO

2 ARIHANT COTSYN L TO.

3 ARIHANT FABRICS L TO.

4 BINDAL AGRRO CHEM. L TO

5 MAHAVIR SPG MILLS L TO

6 MALWA COTTON SPG. MILLS L TO.

7 MANIPUR VANASPATI & ALLIED INDUSTRIES LTD.

8 MOHTA INDUSTRIES LTD.

9 NAHAR EXPORTS LTD.

10 NAHAR FIBRES LTD

11 NAHAR SPINNING MILLS L TO

12 OSWALAGRO FURANE LTD

13 OSWAL AGRO MILLS L TO

14 OSWAL FATS AND OILS LTD

15 OSWAL FOODS L TO.

16 OSWAL SPINNINGS AND WEAVINGS MILLS LTD

17 OSWAL WOOLLEN MILLS LTD.

18 PUNJAB CON-CAST STEEL LTD

19 PUNJAB MOHTA POL YTEX LTD

20 PUNJAB WOOL COMBERS LTD

21 SHREYANS PAPER MILLS LTD

22 VARDHAMAN SPINNING & GENERAL MILLS L TO

PARTAP (MAHESHWARI)

2 EUPHORIC PHARMACEUTICALS L TO.

3 PFIZER LTD

PHILLIPS

1 AKG ACOUSTICS (INDIA) LTD.

2 DEN OX INVESTMENTS L TO. ·

3 ELECTRIC LAMP MFRG. (INDIA) L TO

4 PEICO ELECTRONIC & ELECTRICALS LTD

5 UNIQUE DATAWARE SYSTEMS & CONSULTANTS LTD.

6 WEBEL TELECOMMUNICATIONS L TO.

PIDILITE (BK PAREKH)

1 APURAJ CHEMICALS PVT. LTD.

2 KALVA COMMERCE PVT. L TO.

3 NEBULA CHEMICALS L TO.

4 PAREKH MARKETING LTD.

5 POl CHEMICALS PVT. LTD.

6 PIDILITE INDUSTRIES PVT. L TO.

7 TRIVENI CHEMICALS L TO.

8 VINYL CHEMICALS (INDIA) LTD

PIRAMAL

1 ANAND PI RAMAL INVESTMENTS L TO.

2 ARISTOCRAT MARKETING L TO.

3 BLOW PLAST L TO

4 ELPHIN INVESTMENTS L TO.

5 G P ELECTRONICS L TO

6 GOPIKISAN PI RAMAL L TO.

7 GUJARAT GLASS LTD.

8 HYACINTH INVESTMENTS L TO.

9 KIDDY PLAST LIMITED

10 MAHESHWARI MILLS LTD.

11 MORARJEE GOCULDAS SPG. & WVG. CO. L TO.

12 MORRIS ELECTRONICS LTD.

13 NANDAN PIRAMAL INVESTMENTS LTD.

14 NICHOLAS LABORATORIES INDIA LTD.

15 PIRAMALAROMATICS PVT. LTD.

16 PI RAMAL CHEMICALS PVT. LTD.

17 PIRAMAL EXPORTS L TO.

18 PI RAMAL FINANCE & INVESTMENTS PVT. L TO.

19 PIRAMAL LEASING CO. L TO.

20 PI RAMAL POLYMERS L TO.

21 PIRAMAL~NING & WEAVING MILLS LTD

22 PI RAMAL TEXTURISING PVT. LTD.

23 PMP AUTO INDUSTRIES PVT. L TO.

24 RAJ IV PI RAMAL INVESTMENTS PVT. L TO.

25 SS MIRANDA L TO

26 SWASTIK SAFE DEPOSIT & INVESTMENT L TO.

27 UNIVERSAL LUGGAGE MFG. CO. L TO.

28 URVI CHEMICALS & ALLIED INDUSTRIES L TO.

1 PARTAP RAJASTHAN COPPER FOILS&LAMINATES LTD 29 V.I.P INDUSTRIES LTD

2 PARTAP RAJASTHAN SPECIAL STEELS L TO 30 VULCAN INVESTMENTS

3 PARTAP STEEL ROLLING MILLS(AMRITSAR)L TO

400

PODDAR (NUDDEA MILLS)

1 BADULIPAR LTD.

2 BAGHA CHIN! MILLS LTD

3 BURLAP BAG LTD.

4 CALCUTIA JUTE MFG. CO. LTD.

5 CALCUTIA SILK MANUFACTURING CO. LTD.

6 GANGES ROPE COMPANY LTD

7 GOUREPORE CO LTD

8 GOUREPORE INDIA LTD.

9 GOUREPORE INVESTMENTS LTD.

10 H.M.P. SERVICES

11 HEM RAJ MAHABIR PRASAD LTD

12 HEM RAJ MAHABIR PRASAD SERVICES LTD.

13 HINDUSTAN SHEET METALS LTD

14 HMP ELECTRONICS LTD.

15 HMP ENGINEERS LTD.

16 HMP INTERNATIONAL LTD.

17 HMP JUTE MILLS LTD.

18 HUWOOD INDIA LTD.

19 ISWAR PRASAD DEWKINANDAN LTD

20 JOREHAUT FINANCE LTD.

21 JOREHAUT GROUP LTD

22 JOREHAUT INDIA LTD.

23 MORAGHAT TEA CO. LTD. (NOW HMP TEA)

24 NUDDEA FINANCE LTD.

25 NUDDEA INVESTMENT LTD.

26 NUDDEA MILLS LTD

27 POD DAR ANUBHAV LTD.

28 POD DAR DEWKI LTD.

29 POD DAR GOUREPORE LTD.

30 POD DAR ISWAR LTD.

31 PODDAR NUDDEA INTERNATIONAL LTD.

32 PODDAR PRATEEK PVT. LTD.

PRAKASH (BD AGARWAL)

1 PRAKASH PIPES & INDUSTRIES LTD

2 PRAKASH TUBES LTD (NOW SURYA ROSHANI LTD)

PRATAPLAL BHOGILAL

1 BATLIBOI & CO. LTD

2 BATLIBOI & CO.(MADRAS) LTD.

3 BATLIBOI ENGINEERS(BANGALORE) PVT. LTD.

4 BATLIBOIIMPEX LTD.

5 BHOGILAL LEHARCHAND

6 BHOGILAL LEf-!~R'?~D & BROS.

7 COLMAN-BATLIBOI MACHINERY MFRS. LTD.

8 CONSOLIDATED CASTINGS PVT. LTD.

9 HYDRAULIC & GENERAL ENGINEERS PVT. LTD.

10 MANAGEMENT & BUSINESS SERVICES LTD.

PRIYADARSHINI

1 PRIYADARSHINI CEMENTS LTD

2 PRIYADARSHINI SPINNING MILLS LTD

3 PRIYADARSHINI THREAD LTD

4 SAGAR CEMENTS LTD

PURE DRINKS (CHARANJIT SINGH)

1 AHLUWALIA INDUSTRIES LTD.

2 APS CROWNS INDUSTRIES PVT. LTD.

3 C J HOTELS PVT. LTD.

4 C J INTERNATIONAL HOTELS LTD

5 CAMPA BEVERAGES PVT. LTD.

6 CAMPA COLA PVT. LTD.

7 CEE JAY CROWN CORKS MFG. CO. LTD.

8 KOOL CROWN CORKS PVT. LTD.

9 MOHAN BOTILING CO. PVT. LTD.

10 MOHAN MACHINES L TO.

11 ORIENTAL BLDNG. & FURNISHING CO. LTD.

12 PUNJAB BEVERAGES LTD.

13 PURE DRINKS (CALCUTIA) LTD.

14 PURE DRINKS (NEW DELHI) LTD.

15 UNIVERSAL GAS SUPPLIERS PVT. LTD.

RAASI

1 RAASI CEMENT LTD

2 RAASI CERAMIC INDUSTRIES LTD

3 RAASI FINANCE & INVESTMENT L TO

4 RAASI GROWTH FUND LTD.

5 RAASI LEASING LTD

6 RAASI REFRACTORIES LTD

7 RAASI SYNTHETICS & CHEMICALS LTD.

8 SHRI VISHNU CEMENT LTD.

9 SRI KRISHNA CEMENT LTD.

10 TELANGANA PAPER MILLS LTD

RAJGARHIA RK

1 APM INDUSTRIES LTD

2 HINDUSTAN GENERAL INDUSTRIES LTD

3 ORIENT ABRASIVES LTD

4 ORIENT CERWOOL LTD

5 ORIENT STEEL INDUSTRIES LTD

6 PERFECTPAC LTD

RAMCO (MADRAS CEMENTS)

1 JANAKIRAMAN MILLS LTD.

2 JAYARAM MILLS LTD.

3 MADRAS CEMENTS LTD

4 NEDUBALAM SAM lAPPA ANNAPORANI MILLS PVT. LTD.

5 PUSHPANJALI INDUSTRIES PVT. LTD.

6 RAJAPALA YAM MILLS LTD

7 RAMARAJU SURGICAL COTIONS LTD.

8 RAMASAYEE AGRO-INDUSTRIES LTD.

9 RAMCO AGENCIES PVT. LTD.

10 RAMCO CEMENT DISTRIBUTORS CO. PVT. LTD.

11 RAMCO INDUSTRIES LTD

12 RAMCO MANAGEMENT PVT. LTD.

13 RAMCO PVT. LTD.

14 RAM CO SUPER LEATHERS LTD.

15 SAFE PACK POLYMERS LTD

16 SOUTHERN ASBESTOS

17 THANJAVUR TEXTILES LTD

~ANE

1 CASHMA ENGINEERS LTD.

401

2 ENGINE VALVES LTD

3 GLENDALE INVESTMENTS L TO.

4 PREWO LTD.

5 RANE (MADRAS) L TO

6 RANE BRAKE LININGS LTD

7 RANE ENGINEERING CERAMICS LTD.

8 RANE POWER STEERING LTD

9 VISPRO FOUNDRY ENGINEERS LTD.

RATHISTEEL

1 KL RATHI STEELS LTD

2 RA THI ALLOYS STEELS LTD

3 RATHI CEREALS PVT. LTD.

4 RATHI CREDITS LTD.

5 RA THI ELECTRO STEELS LTD.

6 RA THI HOLDINGS LTD.

7 RATHIINDIA LTD

8 RATHIISPAT LTD

9 RATHI MINI STEEL LTD.

10 RA THI PORTFOLIOS LTD.

11 RATHI ROD MILLS LTD.

12 RATHI STEEL ROLLING MILLS LTD.

13 RATHI STRIPS PVT. LTD.

14 RATHI UDYOG LTD

RAUNAQ SINGH (APOLLO TYRES)

1 APOLLO TUBES L TO

2 APOLLO TYRES LTD

3 BHARA T GEARS LTD

4 SST MFG. LTD

5 GUJARA T PERSTORP ELEKTRONIKS LTD.

6 MACHINE & TUBES

7 NORTHERN INDIA .HOTELS L TO.

8 RAUNAQ & CO. INDUSTRIES PVT. LTD.

9 RAUNAQ & CO. PVT. LTD.

10 RAUNAQ & COMPANY AGENCIES LTD.

11 RAUNAQ AKER DRILLING LTD.

12 RAUNAQ AUTOMOTIVE COMPONENTS LTD.

13 RAUNAQ FIBRES & CHEMICALS LTD.

14 RAUNAQ FINANCE LTD.

15 RAUNAQ INTERNATIONAL LTD.

16 RAUNAQ SHIPPING LTD.

17 RELIANCE OVERSEAS LTD.

18 UNIVERSAL STEEL & ALLOYS LTD.

~· REDDY-JIWARAJKA

1 APOLLO HOSPITALS ENTERPRISE LTD

2 CUDAPPAH SPINNING MILLS LTD

3 DECCAN HOSPITAL CORRPORATION LTD

4 DYNA VISION L TO

5 INDO MATSUSHITA APPLIANCES CO. LTD.

6 INDO MATSUSHITA CARBON CO. LTD

7 INDO NATIONAL LTD

8 OM SINDOORI HOTELS LTD

9 SAB ELECTRONIC DEVICES LTD.

RELIANCE

1 RELIANCE INDUSTRIES L TO

2 EXPRESS LEASING LTD.

3 KUDRAT INVESTMENT AND LEASING (INDIA) LTD

4 SINCERE LEASING & INVESTMENTS LTD

5 NIM INVESTMENT & LEASING LTD.

6 RELIANCE PETROCHEMICALS L TO

7 ATLANTA TEXTILES LTD.

8 SANDOZ TEXTILES AND TRADING L TO

9 RELIANCE CONSUL TANGY SERVICES LTD.

10 DEVTI FABRICS LTD.

11 MAC INVESTMENTS L TO.

12 LAXMI TEXTURISING INDUSTRIES PVT. LTD.

13 SPARSH TRADING & INVESTMENTS LTD.

14 ADVITIYA HOLDINGS LTD.

15 BIRAAJ TEXTILES TRADING LTD.

16 BLOOM TRADING LTD.

17 ORNAMENTAL TRADING ENTERPRISES LTD.

18 GURUVAS TEXTILES LTD.

19 PURURAVATRADERS LTD.

20 RAJNIKETAN TRADERS LTD.

21 JOGIYA TRADERS LTD.

22 KUNJVAN TEXFAB L TO.

23 LAZOR SYNTEX LTD.

24 NAVKETAN COMMERCIALS PVT. LTD.

25 CHANORAGUPTA TRADERS LTD.

26 RAJKIRAN SYNTHETICS LTD.

27 VIMAL FABRICS L TO.

28 RIY AZ TRADING LTD.

29 SHRUTI TRADERS L TO.

30 ORNATE TRADERS LTD.

31 PARADOX TRADERS L TO.

32 DADHICHI TRADERS L TO.

33 RISHIRAJ FINANCE & LEASING LTD.

34 SILKINA TRADING LTD.

35 ORATOR TRADING ENTERPRISES LTD.

36 RADHARAMAN TEXTILES TRADING LTD.

37 AAVARAN TEXTILES LTD.

38 VATAYAN SYNTHETICS LTD.

39 DHANRAJ INVESTMENTS & TRADING COMPANY L TO.

40 DADHICHI TEXFAB L TO.

41 CARESS TEXTILES LTD.

42 CONCORD COMMERCIAL PVT. LTD.

43 ROSSVEL TEXTILES TRADING PVT. LTD.

44 WISDEN TEXFAB L TO.

45 PIONEER HOLDINGS PVT. LTD.

46 RELIANCE EXPORTS L TO.

47 RAJKAMAL HOLDINGS & TRADING LTD.

48 CHANCE INVESTMENT & TRADING LTD.

49 THYRISTORS CONTROLS PVT. LTD.

50 ARISTOCRAT FINANCE & LEASING CO. PVT. LTD.

51 DEVAL INVESTMENTS & TRADING CO. PVT. LTD.

52 VERONICA TRADING LTD.

402

53 ANIL FABRICS L TO. 106 MUKESH TEXTILES

54 DIPTI TEXTILE INDUSTRIES L TO. 107 SANTOOR COMMERCIALS PVT. L TO.

55 NINA TEXTILE INDUSTRIES LTD. 108 AAKARSH FINANCE & INVESTMENTS LTD.

56 REAL INVESTMENT CO. LTD. 109 NAVYUG HOLDINGS LTD.

57 HERCULES INVESTMENTS LTD. 110 TRISHNA INVESTMENTS & LEASINGS PVT. LTD.

58 JAGDANAND INVESTMENTS & TRADING CO. L TO. 111 SPRING HOLDINGS & TRADING L TO.

59 PAMS INVESTMENT & TRADING CO. L TO. 112 HEJMADY FINANCE & TRADING L TO.

60 JAGDISHWAR INVESTMENT & TRADING CO. L TO. 113 GOPALKRISHNA INVESTMENT & TRADING L TO.

61 KANKHAL INVESTMENTS & TRADING CO. PVT. LTD. 114 CYMROZA TRADING PVT. LTD.

62 NIKHIL INVESTMENT CO. L TO. 115 FIERY INVESTMENTS & LEASING PVT. L TO.

63 UTKARSH TEXTILES TRADING L TO. 116 MADONNA COMMERCIALS L TO.

64 CHALLENGE HOLDINGS & TRADING CO. PVT. LTD. 117 PRATIKSHA FINANCE & LEASING LTD.

65 SHERLON TRADING L TO. 118 PROLINE INVESTMENTS PVT. L TO.

66 VIBHISHAN TRADERS L TO. 119 VAYUDOOT FINANCE & LEASING L TO.

67 ABHIMANYU TRADERS LTD. 120 ABHINAV FINANCE & LEASING CO. PVT. L TO.

68 BHRUGESH TRADERS LTD. 121 PLAZA INVESTMENTS PVT. LTD.

69 PANCHWATI TRADING CO. LTD. 122 HOPE HOLDINGS & TRADING CO. PVT. LTD.

70 RAKSHA TRADING LTD. 123 MAANSI TRADING PVT. LTD.

71 GUNSUNDARI TRADING CO. LTD. 124 VELVET TRADING PVT. LTD.

72 CANTO NY TRADING ENTERPRISES L TO. 125 KIRTAN TRADING PVT. L TO.

73 MUDRA COMMUNICATIONS PVT. LTD. 126 SEASHELL HOLDINGS PVT. LTD.

74 MITUL TRADING LTD. 127 RAJTILAK HOLDINGS & TRADING PVT. LTD.

75 SINORA TRADING LTD. 128 STIRRINGS TRADING LTD.

76 PRADEEP SAN DEEP TRADING & INVESTMENT (P) L TO. 129 MESHWANI TRADING COMPANY

77 ADAMSON COMMERCIALS L TO.

78 SCOTLINE TRADING L TO.

79 EVES LAND PVT. L TO.

80 SHE RON TEXTILES L TO.

81 SANKET COMMERCIALS L TO.

82 OPERA INVESTMENTS & TRADING PVT. L TO.

83 HERO TEXTILE & TRADING L TO.

84 MANOR TRADING L TO.

85 R P K INVESTMENTS & CONSULTANCY L TO.

86 VIBGYOR TRADING & INVESTMENT L TO.

87 VISION TRADING CO. PVT. L TO.

88 AKHIL FABRICS L TO.

89 SRICHAKRA TEXTILES PVT. L TO.

130 VENTURA ELECTRONICS PVT. L TO.

131 RELIANCE COMMERCIAL CORPN.

132 RELIANCE TRANSPORT & TRAVELS PVT. LTD.

133 AKSHAR TRADERS PVT. L TO.

134 ALAKH TRADERS PVT. L TO.

135 ALELI & CO. L TO.

136 ALKELITE INTERMEDIATES PVT. LTD.

137 ANIL SUNIL TRADE & INVESTMENTS PVT. L TO.

138 ASHTECH ELECTRONICS (INDIA) PVT. LTD ..

139 CAPABLE COMMERCIALS LTD.

140 CHANDRAVADAN INVESTMENT PVT. LTD.

141 CHINAR ADVERTISING & MARKETING PVT. L TO.

142 CLARION INVESTMENT & TRADING CO. PVT. L TO.

90 INSPIRATIONS INVESTMENT & TRADING CO. PVT. L TO. 143 CREDITABLE INVESTMENTS LTD.

91 ALMANAC TEXTILES PVT. L TO.

92 HI MAN JAN INVESTMENTS PVT. L TO.

93 AKHIL FABRICS L TO.

94 RAMCHANDRA HOLDINGS & TRADING L TO.

95 ALISHA TEXFAB PVT. L TO.

96 RELIANCE CAPITAL & FINANCE TRUST L TO.

97 RADIANT TEXFAB L TO.

98 MEDHA TRADERS L TO.

99 MEGHNAD TRADERS L TO.

100 NATVARLAL&CO.

101 SAPNA FINANCE P LTD.

102 LORDWEST INVESTMENT & TRADING LTD.

103 NEHAL HOLDINGS & TRADING CO. PVT. LTD.

144 DIVYA SYNTEX PVT. LTD.

145 EXPRESSION ADVERTISING MARKETING PVT. L TO.

146 GAYLORD INVESTMENTS & TRADING CO. LTD.

147 GURJARI HOLDINGS & TRADING PVT. L TO.

148 IMAGE HOLDINGS PVT. LTD.

149 INTERACT COMMUNICATIONS LTD.

150 KAVERI COMMERCIALS L TO.

151 KEDARESHWAR INVESTMENTS & TRADING L TO.

152 LAZOR DETERGENTS PVT. L TO.

153 MAXWELL DYES & DETERGENTS PVT. L TO.

154 N G PRITT PVT. L TO.

155 NAVJYOTI HOLDINGS PVT. LTD.

156 NIHARIKA SYNTHETICS TRADING L TO.

104 SHANGRILA INVESTMENTS & TRADING CO. PVT. L TO. 157 NOVELTY HOLDINGS L TO.

105 VI CRAZE INVESTMENTS & TRADING CO. PVT. L TO. 158 ORSON TRADING L TO.

403

159 OSCAR CHEMICALS PVT. L TO.

160 PLACEWELL COMMUNICATIONS L TO.

161 PROLAB SYNTHETICS & DETERGENTS PVT. L TO.

162 R & D CONSULTANTS PVT. L TO.

163 SAFFRON TRADING PVT. LTD.

164 SA VITA INTERNATIONAL PVT. L TO.

165 SIHASAN HOLDINGS & TRADING LTD.

166 SITCOM COMMERCIALS LTD.

167 SPELLBOUND TRADING L TO.

168 SRIDIVYA TRADING PVT. LTD.

169 SWADEE CHEMICALS LTD.

170 TEJASVI TRADING CO. PVT. LTD.

171 TULSI PRESS PVT. LTD.

172 UN I COM TRADING ENTERPRISES L TO.

173 YASHASVI HOLDINGS PVT. LTD.

17 4 ASCENT TRADE COM L TO.

175 CHIKKI FERTILIZERS TRADING AND AGENCIES L TO.

176 DADHICHIINVESTMENTS PVT. LTD.

177 ELITE MERCANTILE L TO.

178 ESTEEM TEXTILES TRADING LTD.

179 INNOVA TRADECOM L TO.

180 KASHTOP TRADING PVT. LTD.

181 MARKSON TRADING L TO.

182 NEHAL TRADING & INVESTMENTS L TO.

183 ORAGON FABRICS LTD.

184 PRATIK HOLDINGS & TRADING PVT. LTD.

RUCHI (SHAHRA)

1 GENERAL FOODS L TO.

2 MADHYA PRADESH GLYCHEM INDUSTRIES LTD

3 NATIONAL STEEL INDUSTRIES L TO

4 RUCHI METALS PVT. LTD.

5 RUCHI PVT. L TO.

6 RUCHI SOYA INDUSTRIES LTD

RUIA

1 AN HILS (INDIA) PVT. L TO.

2 ASH OK APPARELS PVT. L TO.

3 BOMBAY OXYGEN CORPN. LTD

4 CARONA SHOE CO. L TO

5 CHEMICOLOUR PVT. L TO.

6 DAWN APPARELS L TO.

7 DAWN MILLS CO. LTD

8 HEALTH PRODUCTS L TO.

9 M RAMNARAIN PVT. L TO.

10 MODERN FAMILY PLANNING PRODUCTS LTD.

11 NATIONAL DYES PVT. L TO.

12 PHOENIX MILLS L TO

13 RADHAKRISHNA RAMNARAIN PVT. LTD.

14 RAMNARAIN SONS PVT. LTD.

15 RAPTAKOS BRETT & CO L TO

16 RNR APPARELS PVT. L TO.

17 RUIA & CO. PVT. LTD.

18 RUIA & RUIA PVT. LTD.

19 RUIA AGRO INDUSTRIES PVT. L TO.

20 RUIA APPARELS PVT. L TO.

21 RUIA CHINAI & CO. PVT. L TO.

22 RUIA INDUSTRIES PVT. L TO.

23 RUIA STUD & AGRICULTURAL FARMS PVT. L TO.

24 SHAMUN PVT. L TO.

25 STERLING REROLLING MILLS PVT. L TO.

26 THANA PROPERTIES

27 UNITED AGENCIES PVT. L TO.

28 VINAYA TRADING CO. PVT. LTD.

S.P. SINHA

1 BIHAR HOTELS L TO.

2 J & N LEASING CO. L TO.

3 JENSON & NICHOLSON (INDIA) L TO

4 KAL YANPUR CEMENTS L TO

5 SONE VALLEY CEMENTS L TO

6 WEBEL COMPUTER L TO.

SAHU JAIN

1 ALBION PLYWOOD L TO.

2 ANDHRA CEMENT CO. L TO

3 ASHOKA CEMENT L TO.

4 ASHOKA HOLDINGS L TO.

5 ASHOKA MARKETING CO. L TO.

6 ASHOKA VINIYOGA L TO.

7 BENNETT COLEMAN & CO. L TO

8 BHARAT NIDHI L TO

9 DEHRI ROHTAS LIGHT RL Y. CO. L TO.

10 DHARMAYUG INVESTMENTS LTD

11 HINDUSTAN VEHICLES L TO.

12 INDIA PUBLICITY CO. LTD.

13 INDUSTRIAL INVESTORS L TO.

14 JAIPUR UDYOG L TO

15 NEW CENTRAL JUTE MILLS CO. L TO.

16 PLYBOARD INDUSTRIES LTD.

17 RAJDHANI PRINTERS L TO.

18 SAHU JAIN ENGINNERS LTD.

19 SAHU JAIN LTD.

20 SAHU JAIN SERVICES L TO.

21 SAHU PROPERTIES L TO.

22 SHREE KRISHANA GYANODAYA SUGAR LTD

23 TIMES GUARANTY FINANCIALS L TO.

24 TIMES PUBLISHING HOUSE L TO.

25 TIMES TELEVISION L TO.

26 UNIVERSAL FIRE'&-GENERAL INSURANCE CO. L TO.

27 VARDHAMAN PUBLISHERS LTD

SAKTHI (N MAHALINGAM)

1 ANAMALLIAS BUS TRANSPORT L TO

2 BANNARIAMMAN SUGARS L TO

3 CHENNAI BOTTLING CO. L TO.

4 INDO-SWISS SYNTHETIC GEM MFG. CO. L TO.

5 SAKTHI FINANCE L TO

6 SAKTHI SOFT DRINKS L TO.

7 SAKTHI SOY AS L TO

8 SAKTHI SUGARS L TO

404

9 SRI BAGAVATHI TEA ESTATES LTD

10 SRI BAGAVATHI TEXTILES LTD

11 SRI CHAMUNDESWARI SUGARS L TO

12 SRI SAKTHI TEXTILES LTD.

SAMTEL

1 SAMCOR GLASS L TO.

2 SAMTEL COLOUR L TO

3 SAMTEL INDIA L TO

4 TELETUBE ELECTRONICS L TO

SAN MAR

1 AUTO MEASUREMATIC LTD.

2 CHEMICALS & PLASTICS INDIA L TO

3 CHEMPLAST INVESTMENTS L TO.

4 DRACH EM SPECIALITY CHEMICALS L TO.

5 DURAMETALLIC (INDIA) LTD.

6 GOWELL INVESTMENTS L TO.

7 INDUSTRIAL CHEMICALS & MONAMERS L TO

8 METKEM SILICON L TO

9 MICRO PACK L TO

10 MOORCO (INDIA) LTD.

11 OVERSEAS SAN MAR FINANCIAL L TO

12 PEROXIDES INDIA LTD

13 SAN MAR CREDIT PVT. L TO.

14 SANMAR FINANCIAL SERVICES LTD.

15 SANMAR HOLDINGS LTD.

16 SANMAR PROPERTIES & INVEST. L TO

17 SANMAR SECURITIES LTD.

18 URETHANES INDIA LTD.

19 VINYL HOLDINGS LTD.

20 VINYL INVESTMENTS(BETA) L TO.

SARABHAI

1 AHMEDABAD JUBILEE MILLS L TO.

2 AHMEDABAD MFG. & CALICO PRINTING CO. L TO

3 AMBALAL SARABAI ENTERPRISES L TO

4 AMBALAL SARABHAI RESEARCH PVT. L TO.

5 BAN SARI CHEMTEX INDUSTRIES L TO.

6 CHALAK CHEMTEX INDUSTRIES L TO.

7 CHIDAMBARAM PVT. L TO.

8 DIWAN CHEMTEX INDUSTRIES L TO.

9 EAT IT PVT. LTD.

10 GAURAV CHEMTEX INDUSTRIES LTD.

11 GUJARA T NETS L TO. ·

12 HARSHA CHEMTEX INDUSTRIES L TO.

13 HARYANA CONTAINERS LTD.

14 ILAC LTD.

15 KALOL MILLS L TO.

16 OPEC INNOVATIONS LTD.

17 OPERATIONS RESEARCH (INDIA) LTD.

18 PRAKIRN CHEMTEX INDUSTRIES L TO.

19 S G CHEMICALS & DYES TRADING LTD.

· 20 SARABHAI CHEMICALS PVT. LTD.

21 SARABHAI ELECTRONICS L TO

22 SARABHAIINTERNATIONAL LTD.

23 SARABHAI L TO.

24 SARABHAI MACHINERY L TO

25 SARABHAI SONS PVT. L TO.

26 SARABHAI TECHNOLOGICAL SYNDICATE PVT. L TO.

27 SHAH I BAG GARDENS PVT. L TO.

28 SHAH I BAG INVESTMENTS L TO

29 SHILPI ADVERTISING L TO.

30 SYNBIOTICS L TO

31 VARMA INDUSTRIAL LTD.

32 VEPAR

SARASWATIINDUSTRIAL SYNDICATE

1 ISGEC COVEMA PLASTICS PVT. L TO.

2 LOTUS CONSULTANTS PVT. LTD.

3 SARASWATIINDUSTRIAL SYNDICATE LTD

4 YAMUNA SYNDICATE LTD.

SESHASAYEE

1 ENERGY INVESTMENT L TO.

2 HIGH ENERGY BATTERIES (INDIA) LTD

3 MATHUR INVESTMENT CO. L TO.

4 MOUNT METTUR PHARMACEUTICALS LTD.

5 PONNI SUGARS & CHEMICALS L TO

6 SECALS LTD

7 SESHASAYEE BROS. (TRAVANCORE) PVT. LTD.

8 SESHASAYEE BROS. PVT. LTD.

9 SESHASAYEE INDUSTRIES L TO

10 SESHASAYEE PAPER AND BOARD L TO

11 SPECTRAPACKS

SHAPOORJI PALLONJI

1 ARMSTRONG SMITH L TO.

2 CHAMPION ENGG. WORKS PVT. L TO.

3 CHAMPION ENGINEERING EXPORTS L TO.

4 HELICOPTER SERVICES PVT. L TO.

5 JIWAJIRAO SUGAR CO. L TO.

6 M PALLONJI & CO. PVT. L TO.

7 NIRANJAN MILLS PVT. L TO.

8 PALLONJI INVESTMENT & FINANCE L TO.

9 PALLONJI SHAPOORJI & CO. PVT. L TO.

10 SHAPOORJI & CO. PVT. LTD.

11 SHAPOORJI PALL ONI & CO L TO

12 SHAPOORJI PALLONJI & CO. (RAJKOT) PVT. L TO.

13 SHAPOORJI PALLONJI & CO. PVT. L TO.

14 SHAPOORJI PALLONJI (GWALIOR) PVT. LTD.

15 SIV-MACCOBAR LIGNINS L TO

16 SOUTH INDIA VISCOSE L TO

17 STERLING INVESTMENT CORPN. PVT. L TO.

18 SWADESHI CHEMICALS PVT. L TO.

19 UNITED MOTORS (INDIA) L TO.

20 WARTSILA DIESEL INDIA L TO

SHAW WALLACE

1 AMALGAMATED COAL FIELDS LTD

2 ANDAMAN PLANTATION & DEVELOPMENT CORPN. L TO.

3 ARUNACHALESWAR FINANCE & INVESTMENT CO. L TO.

4 ARUNAVA INVESTMENTS L TO.

405

5 ASHOKA LIQUORS L TO.

6 BALL YGUNGE INVESTMENTS PVT. L TO.

7 BOA BREWERIES & DISTILLERIES PVT. L TO.

8 CALCUTTA CHEMICAL CO. LTD

9 CHHABRIA INVESTMENT PVT. L TO

10 COONOOR TEA ESTATES CO. LTD.

11 CRUICK-SHANK & CO. L TO

12 DAKSHINESHWAR INVESTMENT LTD.

13 DAVARIINVESTMENTS LTD.

14 DETERGENTS INDIA LTD

15 OIL FINANCE PVT. L TO.

58 ROVSING WALLACE INTERNATIONAL L TO.

59 SAHAGANJ INDUSTRIAL FINANCE L TO.

60 SANDHEAD INVESTMENTS PVT. L TO.

61 SEA TECH SERVICES LTD.

62 SHAW SCOTT DISTILLERIES PVT. L TO.

63 SHAW WALLACE AOKI CO L TO

64 SHAW WALLACE DRILLING CO. L TO.

65 SHAW WALLACE GELATINES LTD

66 SHAW WALLACE GEOPHYSICAL INDUSTRIES L TO.

67 SHAW WALLACE GEOPHYSICAL SERVICE (INDIA) L TO

68 SHAW WALLACE L TO

16 OIL PALM CULTIVATION & DEVELOPMENT INDIA PVT. L TB9 SHAWLACE INDUSTRIAL FINANCE PVT. LTD.

17 OIL PROPERTIES LTD.

18 OIL UDYOG ELECTRONICS L TO.

19 OIL VIKAS FINANCE LTD

20 DUNLOP FINANCE CO. LTD.

21 DUNLOP INDIA L TO

22 DUNLOP INDUSTRIAL FINANCE L TO.

23 DUNLOP INVESTMENTS L TO.

24 FALCON TYRES L TO

/.5 GANAPATHIINVESTMENT LTD.

26 GATIINVESTMENT & TRADING CO. LTD.

27 GENELEC L TO

28 GLUE PRODUCTS L TO.

29 GORDEN WOODROFFE L TO

30 HINDUSTAN DORR OLIVER L TO

31 HOOGHLY FLOUR MILLS CO. LTD.

32 INDIA TYRE & RUBBER CO.(I) L TO.

33 INDIAN YEAST COMPANY L TO

34 KAlLAS TOBACCO PRODUCTS PVT. L TO.

35 KERALA CHLORATES & CHEMICALS LTD.

36 KERALA DISTILLERIES & ALLIED PRODUCTS L TO.

37 LINYTRON ELECTRONICS (P) L TO.

38 LUCY VALLEY (NILGIRI HILLS) TEA ESTATES L TO.

39 MAHADEV INVESTMENTS L TO.

40 MAHARASHTRA DISTILLERIES L TO

41 MATHER & PLATT INDIA LTD

42 NEW SAMANBAGH TEA CO. L TO.

43 NIHON ELECTRONICS (P) L TO.

44 ORSON ELECTRONIC L TO

45"0RSON VIDEO PVT L TO

46 PAKSHIRAJ INVESTMENTS L TO.

47 PARASKATHI FINANCE & INVESTMENT CO. L TO.

48 PARGANAS INVESTMENTS L TO.

49 PARKSIDE EXPLOSIVES L TO.

50 PATEL FILTERS LTD.

51 PENCH VALLEY COAL CO. L TO.

52 PENINSULAR MARITIME SERVICES L TO.

53 RAJASTHAN PHOSPHOROUS & CHEMICALS L TO.

54 RAJGARH TEA CO.

55 RAJNAGARTEA CO. L TO.

56 REWA COALFIELDS L TO.

57 RIXEBE ESTATE & INVESTMENTS PVT. L TO.

70 SHAWLACE PROPERTIES L TO.

71 SHAWPOL INTERNATIONAL LTD.

72 SICA BREWERIES L TO

73 SIVAGANGA INVESTMENTS L TO.

74 SKOL BREWERIES L TO

75 SO LARSON BURNERS L TO.

76 TEZPORE TEA COMPANY L TO

77 TULLIS WOOD ROFFE & CO. L TO.

78 UNITED FLOUR MILLS CO. L TO.

79 VINE DALE DISTILLERIES L TO

80 WALL WOOD PLANTATIONS & AGENCY L TO.

SHRIAMBICA

1 AAVGNATA INVESTMENT LTD.

2 AA YUSHA INVESTMENT L TO.

3 ABHIDHA STOCKHOLDINGS PVT. L TO.

4 ADHPUT INVESTMENTS L TO.

5 ANAGHO INVESTMENT L TO.

6 ANSUMALINI INVESTMENT PVT. L TO.

7 ANUTTAM INVESTMENT L TO.

8 AYALAM INVESTMENT LTD.

9 CHEMICAL DISTRIBUTORS

10 DEESHA STOCK HOLDING PVT. LTD.

11 ECHKE LTD.

12 FIVE STAR INVESTMENT LTD

13 H K (INVESTMENT) CO. L TO.

14 HARIVALLABHDAS KALIDAS PVT. LTD.

15 HASU INVESTMENT PVT. L TO.

16 NAMRATA INVESTMENT L TO

17 PUJA STOCK HOLDINGS PVT. L TO.

18 RAVESH STOCKHOLDINGS PVT. LTD.

19 SHATANAN INVESTMENT LTD.

20 SHRI ABHYAKTA INVESTMENT LTD.

21 SHRIADHYAINVESTMENTS

22 SHRI AJITA INVESTMENTS

23 SHRI AMALA INVESTMENTS

24 SHRI AMBIKA MILLS L TO

25 SHRI AMBUJA PETROCHEMICALS L TO

26 SHRI AMODYA INVESTMENTS L TO.

27 SHRI ARBUDA MILLS L TO

28 SHRI AVYAKTA INVESTMENT LTD.

29 SHRI BHAVABHUTI INVESTMENTS PVT. L TO.

406

30 SVANG INVESTMENT L TO.

31 TUBE DISTRIBUTORS

32 V R H INVESTMENT LTD.

33 YAMIN! INVESTMENT CO. LTD.

SHRIRAM

1 AYALYA FINANCE LTD.

2 BANS! DHAR ASSOCIATES PVT. L TO.

3 BANSIDHAR AGARWALLA & CO. L TO.

4 BENGAL POTTERIES L TO.

5 BHARATRAM ASSOCIATES PVT. LTD.

6 CHARAT RAM SHRI RAM PVT. LTD.

7 CONTINENTAL APPARELS PVT. LTD.

8 CONTINENTAL FABRICS PVT. L TO.

9 CONTINENTAL MARKETING PVT. LTD.

10 D.C.M. TOYATA LTD

11 DCM ENGINEERING INDUSTRIES L TO.

12 DCM LTD

13 DCM SHRIRAM INDUSTRIES LTD.

14 DOAB FOOD & GENERAL INDUSTRIES PVT. LTD.

15 GENERAL SALES PVT. L TO.

16 HINDUSTAN VACUUM GLASS LTD.

17 INDIA CAPACITORS L TO.

18 INDIA HARD METALS LTD.

19 JAY ENGINEERING WORKS LIMITED

20 M S R ENTERPRISES PVT. L TO.

21 MADAN MOHAN LALL SHRIRAM PVT L TO

22 MADAN SHREE ENTERPRISES PVT. L TO.

23 PIYU FINANCE L TO.

24 PVC. WIRES & CABLES L TO.

25 RAJ IV ASSOCIATES PVT. L TO.

26 SHRI DHAR ASSOCIATES

27 SHRIRAM BEARING L TO

28 SHRIRAM FIBRE FINANCE PVT L TO

29 SHRIRAM FIBRES L TO

30 SHRIRAM HONDA POWER EQUIPMENT L TO

31 SHRIRAM INDUSTRIAL ENTERPRISES LTD.

32 SHRIRAM NEEDLE BEARING INDUSTRIES L TO

33 SHRIRAM PISTONS & RINGS L TO

34 SHRIRAM REFRIGERATION INDUSTRIES LTD

35 SRF NIPPON DENSO L TO

36 USHA INTERNATIONAL L TO

37 USHA MINERALS L TO.

38 USHA SALES PVT. L TO.

39 WOODLANDS FINANCE L TO.

SHRIYANS PRASAD JAIN

1 BAKUL UDYOG PVT. L TO.

2 BOMBAY VYAPAR(EXPORT) L TO.

3 BOMBAY WIRE ROPES L TO

4 CARMICHAEL PROPERTIES L TO.

5 D.C.W. LTD

6 DCW HOME PRODUCTS L TO

7 DHRANGADHARA CEMENT L TO.

8 DHRANGADHRA TRADING CO. PVT. L TO.

9 GOPAL INVESTORS CORPN. PVT. L TO.

10 KISHCO CUTLERY L TO.

11 SAHU BROTHERS (BOMBAY)

12 SAHU BROTHERS (SAURASHTRA) PVT. LTD.

13 SAHU INDUSTRIES PVT. LTD.

14 SRIYANSH STEEL LTD

15 TRADERS & TRADERS

SHROFF (EXCEL)

1 AGROCEL PESTICIDES L TO.

2 ANSHUL CHEMICALS PVT. L TO.

3 EXCEL INDUSTRIES L TO

4 HYDERABAD CHEMICAL SUPPLIES PVT. L TO.

5 KAMALJYOT INVESTMENTS L TO.

6 PUNJAB CHEMICALS & PHARMACEUTICALS L TO

7 SHROFF'S ENGINEERING L TO.

8 TRANSPEK INDUSTRY L TO

9 TRANSPEK MARKETING L TO.

10 UNITED PHOSPHORUS LTD.

11 UPEXCEL L TO.

12 WEST COAST OXYGEN LTD.

SIMPSON

1 ADDISON & CO L TO

2 ADDISONS PAINTS & CHEMICALS L TO

3 AMALGAMATION REPCO LTD

4 AMALGAMATIONS LTD.

5 AMCO BATTERIES LTD

6 ASSOCIATED PRINTERS(MADRAS) LTD.

7 ASSOCIATED PUBLISHERS(MADRAS) L TO.

8 AUTO LINERS (MADRAS) PVT. L TO.

9 BIMETAL BEARINGS L TO

10 COURTESY TRANSPORTS L TO.

11 GEORGE OAKS L TO

12 HIFAME PVT. LTD.

13 HIGGINBOTHAM L TO.

14 INDIA PISTONS L TO

15 INDIA PISTONS REPCO LTD.

16 INDIAN CASHEWNUTS & PLANTATIONS LTD.

17 L M VAN MOPPES DIAMOND TOOLS (INDIA) L TO.

18 MADRAS ADVERTISING CO. L TO.

19 SHARDLOW INDIA L TO

20 SIMPSON & CO L TO

21 SIMPSON & GENERAL FINANCE L TO.

22 SPEED A-WAY LTD.

23 SRI RAMA VILAS SERVICE L TO

24 STANES AGENCIES L TO.

25 STANES AMALGAMATED ESTATE LTD

26 STANES MOTORS (SOUTH INDIA) L TO.

27 STANES TEA & COFFEE L TO.

28 STANES TYRE & RUBBER PRODUCTS LTD.

29 T.STANES & COL TD

30 TRACTORS & FARM EQUIPMENT L TO

31 UNITED NILGIRI TEA ESTATES CO. LTD.

32 WHEEL & RIM CO. OF INDIA LTD.

407

SIYARAM PODDAR

1 BALKRISHNA INDUSTRIES L TO

2 BALKRISHNA PEN EXPORTS L TO.

3 BALKRISHNA PEN LTD.

4 GOVIND RUBBER L TO.

5 PAVAN TYRES L TO

6 PODDAR TV RES PVT. L TO.

7 RAJ KAMAL SYNTHETICS L TO

8 SIYARAM SILK MILLS LTD

9 VINA YAKA SYNTHETICS L TO

SKF

1 SKEFKO INDIA BEARING CO. L TO.

2 SKF BEARING INDIA L TO

SOMANI

1 ALUMINIUM INDUSTRIES L TO

2 ASSAM HARDBOARDS L TO.

3 CHEMO PHARMA LABORATORIES LTD

4 CITRIC INDIA L TO

5 EXCEL GLASSES L TO

6 G CLARIDGE & CO. L TO.

7 KAPPAC PHARMA L TO

8 KOYLON TRADING & AGENCIES PVT. L TO.

9 ORIENTAL CONTAINERS LTD

10 SHREE VINDHYA PAPER MILLS L TO

11 SOMANI FE ROO ALLOYS L TO

12 SOMANI IRON & STEELS LTD

13 TRAVANCORE ELECTRO CHEMICAL IND. L TO

SOMANY

1 AMAL CERAMICS L TO.

2 ANAND HOLDINGS L TO

3 CERAMIC SERVICES L TO.

4 GANGA ASBESTOS CEMENT L TO

5 GOOD TEAM INVESTMENTS & TOG. CO. PVT. L TO.

6 HINDUSTAN NATIONAL GLASS & INDUS. LTD

7 HINDUSTAN SANITARYWARE AND INDUS. LTD

8 MADHUSUDAN INDUSTRIES L TO

9 ORIENT CEREMICS & INDUSTRIES L TO

10 R.B. RODDA & COL TD

11 SOMA FINANCE & LEASING CO L TO

12 SOMA PLUMBING FIXTURES LTD.

13 SOMA TEXTILE INDUSTRIES PVT. L TO.

14 SOMANY PILKINGTONS LTD

15 SPECIAL REFRACTORIES LTD.

SOORAJMULL NAGARMULL

1 A K ARTS & ANTIQUES PVT. L TO.

2 AHMADPUR-KATWA RAILWAY CO. LTD.

3 ALl PORE HOLDINGS PVT. LTD.

4 ARGENT ENGINEERS L TO.

5 ARICHA TRADING CO. LTD.

6 ASIATIC AIR PRODUCTS & CHEMICALS LTD.

7 ASIATIC CARBIDE LTD.

8 ASIATIC FINANCE CO. LTD.

9 ASIATIC GASES LTD.

10 ASIATIC HOLDINGS LTD.

11 ASIATIC INDUSTRIAL GASES L TO.

12 ASIATIC OXYGEN & ACETYLENCE CO. L TO.

13 ASIATIC OXYGEN L TO.

14 ASIATIC TEXTILE CO. LTD.

15 ATLAS & UNION JUTE PRESS CO. LTD.

16 BAGHMARI TEA CO.

17 BANKURA DAMODAR RIVER RAILWAY CO. LTD.

18 BATABARI TEA CO. LTD.

19 BHATKAWA TEA CO. L TO.

20 BIHAR AIR PRODUCTS L TO

21 BIKANER TRADING CO. LTD.

22 BIKANNA COMMERCIAL CO.L TO.

23 BIMLIPATAM & CALINGAPATAM JUTE BALING CO. LTD.

24 BOEING INDIA L TO.

25 BOMBAY GAS CO. (PROP.) LTD.

26 BORMAH JAN TEA CO. (1936) LTD.

27 CALCUTTA GAS CO. (PROPRIETARY) L TO

28 CALCUTTA VYAPAR PRATISHTHAN L TO.

29 CHARMUGRIA TRADING CO. L TO.

30 COCANADA JUTE PRESS CO. LTD.

31 COLLIERIES INDIA PVT. LTD.

32 GOOCH BEHAR TRADING CO. LTD.

33 DARJEELING-DOOARS INVESTMENT CO. PVT. L TO.

34 DAVENPORT CO. PVT. LTD.

35 DAVENPORT SERVICES LTD.

36 DHEMO MAIN COLLIERIES INDUSTRIES LTD.

37 DIBRUGARH CO. LTD.

38 DIBRUGARH COAL CO. LTD.

39 EASTERN BENGAL JUTE TRADING CO. L TO.

40 ELEPHINSTONE SPG. & WVG. MILLS CO. L TO

41 GUJARAT AIR PRODUCTS LTD.

42 HALO I BAR I JUTE CO. PVT. L TO.

43 HALDIBARI TEA ASSOCIATION LTD.

44 HANUMAN ESTATES PVT. LTD.

45 HAS I MARA INDUSTRIES LTD

46 HOWRAH TRADING CO. PVT. LTD.

47 INDIA JUTE TRADING CO. L TO.

48 INDIAN CARBIDE AND CHEMICALS LTD

49 JAGATDAL INDUSTRIES LTD

50 JAGATDAL INVESTMENTS PVT. LTD.

51 JAGATDAL JUTE'& INDUSTRIES L TO

52 JAMES ALEXANDER & CO. L TO.

53 JUTE BAILING & TRADING CO. L TO.

54 KATAKHAL LALA BAZAR RAILWAY CO. LTD.

55 KELVIN JUTE CO LTD

56 LILLOOAH STEEL & WIRE CO. L TO.

57 M P CARBIDE & CHEMICALS LTD

58 MARSHALL SONS & CO INDIA LTD

59 MCLEOD & CO LTD

60 MCLEOD SERVICES LTD.

61 MOON MILLS LTD.

62 NARUNDI TRADING CO. LTD.

408

63 NEW CHUMTA TEA CO. LTD.

64 NEW INDIA SHIPPING LINES LTD.

65 NORTH BENGAL SUGAR MILLS CO. LTD.

66 NORTHERN BENGAL JUTE TRADING CO. LTD.

67 ORIENT TRADING CO. LTD.

68 PRESIDENCY JUTE MILLS CO. LTD.

69 PRESSED STEEL TANK CO. OF INDIA LTD.

70 RAIGARH JUTE & TEXTILE MILLS LTD

71 RAIGARH TRADING CO. LTD.

72 RAJAHBHAT TEA CO. PVT. LTD.

SU-RAJ (JATIN R. MEHTA)

1 J R DIAMONDS PVT. LTD.

2 SU-RAJ DIAMONDS (INDIA) LTD

SWEDISH MATCH

1 AR PACKAGING SYSTEMS L TO

2 CHANDIGARH SUPER FOODS LTD.

3 CLEANFOODS CORPORATION LTD

4 SINGH ENTERPRISES(EXPORT) LTD.

5 SUN SIP LTD

6 WIMCO LTD

73 RAJASTHAN FERTILISERS & CHEMICALS CORPORATION lm'YIMCO SEEDLINGS LTD

74 RAJASTHAN INVESTMENT CO. PVT. LTD. TAP ARIA (SUPREME INDUSTRIES)

75 RAMCHANDRA NAGARMULL BAJORIA I NV. COL TD

76 RANICHERRA TEA CO. LTD.

77 RATANGARH VANIJYAM VIKASH PVT. LTD.

78 ROAK COPCO LTD

79 ROOPACHERRA TEA CO. LTD.

80 SETABGANJ SUGAR MILLS PVT. LTD.

81 SHREE HANUMAN JUTE MILLS LTD.

82 SOORAJMULL NAGARMULL

83 SUNGMA TEA CO. LTD.

84 TEESTA VALLEY TEA CO. LTD.

85 TELOIJAN TEA CO. LTD.

86 TINGAMIRA TEA CO. LTD.

87 TIRRIHANNAH CO. LTD.

88 TYROON TEA CO. LTD.

89 VIZIANAGRAM PRESS & MILLS CO. LTD.

90 W H HARTON & CO. LTD.

91 WAVERLEY CYLINDERS LTD.

92 WAVERLEY INVESTMENTS LTD.

93 WESTERN BENGAL COAL CO. LTD.

94 WILLARD INDIA LTD

SOUTH INDIA SHIPPING

1 CHENNAI PROPERTIES & INVESTMENTS LTD.

2 SOUTH INDIA CARBONIC GAS INDUSTRIES LTD.

3 SOUTH INDIA SHIPPING CORPN LTD

STEEL STRIPS (GARG)

1 INDIAN ACRYLICS LTD.

2 MUNAK CHEMICALS LTD

3 MUNAK CREDIT & INVESTMENT PVT. LTD.

4 MUNAK ENGINEERS PVT. LTD.

5 MUNAK GALVA SHEETS LTD

6 MUNAK INTERNATIONAL LTD.

7 S R FORGINGS LTD

8 STEEL STRIPS & TUBES LTD

9 STEEL STRIPS ALLOYS LTD

10 STEEL STRIPS FINANCIERS PVT. LTD.

11 STEEL STRIPS HOLDINGS PVT. LTD.

12 STEEL STRIPS INVESTMENTS LTD.

13 STEEL STRIPS LEASING LTD

14 STEEL STRIPS LTD

15 STEEL STRIPS TUBES INVESTMENTS LTD.

16 TRANS ASIA TUBES & INDUSTRIES L TO

1 AK STRUCTURAL FORM L TO

2 ANJANI KUMAR & CO. PVT. LTD.

3 SIL TAP CHEMICALS L TO

4 SUPREME INDUSTRIES L TO

5 TAPARIA TOOLS LTD

TATA

1 A P INDUSTRIAL COMPONENTS PVT. LTD.

2 ACC BABCOCK L TO.

3 ACCUMAX LTD.

4 AFTAAB INVESTMENT CO. L TO.

5 AGRO FOODS PUNJAB L TO

6 AHURA CONSULTANTS & INVESTMENTS LTD.

7 AICH AAR CHEMICALS PVT. LTD.

8 ALMORA MAGNESITE L TO

9 ANDHRA VALLEY POWER SUPPLY CO LTD

10 ASSOCIATED BUILDING CO. LTD.

11 ASSOCIATED CEMENT COMPANIES L TO.

12 ASSOCIATED TYRE MACHINERY CO. LTD.

13 AUTOMOBILE CORPORATION OF GOA LTD.

14 BABCOCK & WILCOX OF INDIA LTD.

15 BAMBINO INVESTMENT & TRADING CO. LTD.

16 BANARAS HOTELS LTD.

17 BELTEX LTD.

18 BHARAT BOBBINS LTD.

19 BISRA STONE LIME CO. L TO

20 BOEHRINGER KNOLL L TD(BOEHRINGER MANNHEIM

21 BRADMA OF INDIA LTD

22 C.P.E.C. L TO

23 CAPSULATION SERVICES PVT. LTD.

24 CEMENT AGENCIES L TO.

25 CEMENT MARKETING CO. OF INDIA LTD.

26 CHEMICAL TERMINAL TROMBAY LTD

27 COMMERCIAL PRODUCTS LTD.

28 CONSOLIDATED COFFEE LTD

29 COROMANDAL GARMENTS L TO.

30 CRESCENT IRON & STEEL CORPN. L TO.

31 DEWAS TANNERIES

32 EAST COAST FLOUR MILLS PVT. LTD.

33 EAST COAST FOOD PRODUCTS LTD.

34 ELPRO INTERNATIONAL LTD

35 EUREKA FORBES L TO

409

36 EVEREST BUILDING PRODUCTS L TO( NOW ETERNIT EVEmB&!i?SI FOODS PVT. L TO.

37 EWART INVESTMENTS L TO 90 OUESTER INVESTMENT L TO.

38 FACIT ASIA L TO 91 RALLIS INDIA L TO

39 FASHUTANA INVESTMENTS L TO. 92 RALLIWOLF L TO

40 FORBES ESTATES LTD. 93 SABRAS INV. & TRADING CO. LTD.

41 FORBES EWART & FIGGES PVT. LTD. 94 SANKHYA INVESTMENTS LTD.

42 FORBES FORBES CAMBELL & CO.L TO 95 SAURASHTRA PAINTS L TO.

43 FORBES INVESTMENTS L TO. 96 SCOTT & SAXBY L TO.

44 FORBES SERVICES L TO. 97 SEPULCHRE BROS. (INDIA) L TO.

45 FORBES SHIPPING CORPORATION LTD. 98 SHAHA PROPERTIES PVT. LTD.

46 FORBES TOFFE L TO. 99 SIR IS INDIA L TO

47 FORVAL TOURS & TRANSPORT SERVICES L TO. 100 SOUTH INDIA INSURANCE CO. L TO.

48 GATEWAY HOTELS AND GATEWAY RESORTS L TO 101 SPECIAL STEEL L TO

49 GENERAL RADIO & APPLIANCES CO. L TO. 102 STEEL CITY PRESS L TO.

50 GNP (MADRAS) LTD. 103 STEWARTS & LLOYDS OF INDIA LTD

51 GOKAK PATEL VOLKART LTD 104 SVADESHI MILLS CO LTD

52 GOODLASS NEROLAC PAINTS LTD 105 TAJ HOLDINGS LTD

53 HALDIA PETROCHEMICALS LTD. 106 TAJ INVESTMENT & FINANCE CO LTD

54 HEMALATHA TEXTILES LTD. 107 TAJ RHEIN SHOES CO LTD

55 HIGHTECH DRILLING SERVICES INDIA LTD 108 TAJ SERVICES LTD

56 HINDUSTAN FERODO LTD 109 TAJ TRADE & INVESTMENTS LTD.

57 INDIAN EXPANDED METAL PVT. L TO. 110 TAJ TRADE & TRANSPORT COL TO

58 INDIAN HOTELS COMPANY LTD 111 TATAAQUATIC FARMS ORISSA LTD.

59 INDIAN RESORTS HOTELS LTD 112 TATA BP SOLAR INDIA PVT. LTD.

60 INDIAN RESORTS HOTELS LTD. 113 TATA BRADBURY WILKINSON PVT. LTD.

61 INDIAN STANDARD METAL COMPANY L TO 114 TATA CHEMICALS L TO

62 INDIAN STEEL ROLLING MILLS LTD 115 TATA DAVY LTD

63 INDUSTRIAL PERFUMES L TO 116 TATA DILWORTH

64 INTERNATIONAL FISHERIES LTD. 117 TATA ELXSI (INDIA) L TO.

65 INVESTA INDIA CORPN. LTD. 118 TATA ENGINEERING & LOCOMOTIVE CO LTD

66 INVESTA LTD 119 TATA EXPORT LTD

67 INVESTA MACHINE TOOLS & ENGG. CO. LTD. 120 TATA FERTILISERS LTD.

68 INVESTMENT CORPORATION OF INDIA LTD 121 TATA FINANCE LTD

69 IPITATA REFRACTORIES LTD 122 TATA HONEY WELL LTD

70 IPITATA SPONGE IRON L TO 123 TATA HOUSING DEVT. CO LTD

71 JAIPUR TAJ ENTERPRISES LTD 124 TATA HYDRO ELECTRIC POWER SUPPLY CO LTD

72 JAYABHARAT CREDIT & INVESTMENT CO. LTD. 125 TATA INDUSTRIAL FINANCE COPN. LTD

73 KALIMATIINVESTMENTS CO LTD 126 TATA INDUSTRIES LTD

74 KARANPURA DEVELOPMENT CO. LTD. 127 TATA IRON & STEEL CO LTD

75 KUMARDHUBI FIRECLAY & SILICA WORKS LTD 128 TATA KELTRON LTD

76 KUMARDHUBI METAL CASTINGS & ENGG. L TO. 129 TATA KLOCKNER INDUSTRIAL PLANTS L TO.

77 LAKME EXPORTS"PVT. LTD. 130 TATA KROF ENGINEERING SERVICES LTD.

78 LAKME L TO 131 TATA MCGRAW HILL PUBLISHING CO. L TO.

79 LATHAM FINANCE CO LTD 132 TATA METALS & STRIPS LTD

80 LATHAM INDIA LTD. 133 TATA MILLS LTD.

81 MAN.(INDIA) ENGINEERING LTD. 134 TATA OIL MILLS LTD

82 MERINO LTD 135 TATA PIGMENTS LTD.

83 MSA (INDIA) LTD. 136 TATA POWER CO LTD

84 NATIONAL RADIO & ELECTRONICS CO LTD 137 TATA PRESS LTD

85 NELCO FINANCE PVT. LTD. 138 TATA PROJECTS LTD

86 OMC COMPUTERS LTD 139 TATA REFRATORIES LTD

87 ORISSA MINERALS DEVELOPMENT CO LTD 140 TATA ROBINS FRASER LTD

88 PATEL COTTON CO. LTD. 141 TATA SERVICES LTD

410

142 TATA SHARE REGISTRY LTD

143 TATA SONS LTD

144 TATA TEA LTD

145 TATA TELECOM PVT LTD

146 TATA TIMKEN L TO.

147 TATA UNISYS LTD

148 TATA VASHISTI DETERGENTS LTD.

149 TATA YODOGAWA LTD

150 TELCO DEALERS LEASING & FINANCE CORPN L TO

151 TINPLATE CO OF INDIA LTD

152 TITAN WATCHES LTD

153 UNVAL INDUSTRIES PVT. LTD.

154 VANTECH INVESTMENTS LTD.

155 VARUNA INVESTMENTS LTD

156 VIRAT INVESTMENT CO LTD

157 VISION INVESTMENT CO. LTD.

158 VOLKART FLEMING SHIPPING & SERVICES L TO.

159 VOLRHO L TO.

160 VOLTAS FOOD & BEVERAGES LTD.

161 VOLTAS INTERNATIONAL LTD

162 VOLTAS LTD

163 VOLTAS SYSTEMS LTD.

164 WT SUREN & CO LTD.

165 WANDLESIDE NATIONAL CONDUCTORS LTD.

166 WARRIOR ELCTONIC PVT. L TO.

167 WARRIOR INVESTMENT L TO

168 WELLMAN INCANDESCENT INDIA LTD

169 WELLMAN WACOMA L TO.

170 WESTERWORK ENGINEERS L TO.

171 WTI ADVANCED TECHNOLOGY L TO

172 YASHMAN ENGINEERS LTD.

TCI-BHORUKA

1 ABC INDIA L TO

2 ASSAM BENGAL CARRIERS L TO.

3 BHORUKA ALUMINIUM L TO

4 BHORUKA ENGG. INDUSTRIES L TO.

5 BHORUKA GASES L TO

6 BHORUKA GOLDHOFER TRAILERS PVT. L TO.

7 BHORUKA POWER CORPN. L TO.

8 BHORUKA STEEL L TO

9 CHANDERPAL INVESTMENTS L TO.

10 TCIINVESTMENTS LTD.

11 TRANSPORT CORPORATION OF INDIA L TO

12 TRIVENI ALLOYS L TO.

13 UTSAV PRAKASHAN LTD.

TGL

1 SHREE RAYALSEEMA PAPER MILLS LTD.

2 SREE RA YALASEEMA ALKALIES&ALLIED CHEM.L TO

2 BHOR TRADING CO. L TO.

3D L & CO. PVT. LTD.

4 ECK HAUBOLD & LAXMI L TO.

5 EXCELSIOR ELECTRIC LAMPS PVT. L TO.

6 FANCY CORPORATION L TO.

7 FANCY NETS PVT. L TO.

8 GOVINDJEE MADHOWJEE & CO. PVT. L TO.

9 HAKO SOX L TO.

10 HAKOBAPVT. LTD.

11 HAKOTRONICS L TO.

12 HANSI DETERGENTS & CHEMICALS PVT. LTD.

13 HINDOOSTAN SPG & WVG MILLS L TO

14 INDIAN CORK MILLS L TO

15 INDIAN CORK MILLS PLASTIC DIVISION PVT. L TO.

16 JANJIRA MINING CO. PVT. LTD.

17 MITRA BAUXITE PVT. L TO.

18 NIRMAL COLORANTS L TO.

19 POONA BUILDING CO. PVT. LTD.

20 SALEM MAGNESITE PVT. L TO.

21 SHREE LAXMI PRINTING & DYEING WORKS L TO.

22 SIRDAR CARBONIC GAS CO. LTD.

THAPAR

1 AG GLASS L TO

2 ANDHRA ASBESTOS CORPORATION L TO.

3 ANDHRA PRADESH RAYONS LTD

4 BALLARPUR INDUSTRIES L TO.

5 BENGAL INGOT CO. L TO

6 BHARAT STARCH & CHEMICALS L TO

7 BIL T TREETECH L TO.

8 C.T.R. MFG. INDUSTRIESL L TO

9 CARNATION INVESTMENT L TO.

10 CENTRAL INDIA AGENCIES L TO.

11 CG-PPI ADHESIVE PRODUCTS L TO.

12 CHOHAL INVESTMENTS LTD.

13 CROMPTON GREAVES L TO

14 CYNERA INVESTMENT & MOLDINGS LTD

15 DAVID BROWN GREAVES LTD

16 DEORIA SUGAR MILLS LTD.

17 DRAYTON GREAVES LTD.

18 EAST CHORA COLLIERY CO L TO.

19 ENGLISH INDIAN CLAYS LTD.

20 GOA ELECTRICAL AND FANS L TO

21 GOA TELEMATICS LTD.

22 GREAVES CHITRAM L TO.

23 GREAVES COTTON & CO LTD

24 GREAVES COTTON & CO. L TO.

25 GREAVES DRESSER ATLAS OILFIELD LTD.

26 GREAVES DRONSFIELD L TO.

3 SREE RAYALSEEMA SOAPS & DETERGENTS PVT. LTD. 27 GREAVES FOSECO LTD

4 SREE RAYALSEEMA TISSUES L TO.

5 TGL QUICK FOODS L TO

THACKERSEY

1 ART LEATHER PVT. LTD.

28 GREAVES MIDWEST EN(?G CO. L TO.

29 GREAVES MORGANITE CRUCIBLE L TO

30 GREAVES SEMI CONDUCTORS L TO

31 GUPKAR INVESTMENTS &HOLDING L TO.

411

32 GUPTA & SYAL LTD.

33 HIM LON L TO.

34 HIND CONDENSOR L TO.

35 HIND STRIP MINING CORPN.

36 HINDUSTAN GENERAL ELECTRICAL CORPN. LTD.

37 INDIAN CITY PROPERTIES L TO

38 INDIAN TRADE 8. GENERAL INS.URANCE CO. L TO.

39 JAGJIT COTTON TEXTILE MILLS L TO (JCT L TO)

40 JANPATH INVESTMENTS & HOLDING LTD

41 JCT ELECTRONICS L TO

42 JCT FIBRES L TO

43 JG. GLASS L TO

44 JG.MOULDS L TO.

45 KARAM CHAND THAPAR & BROS L TO

46 KARAMCHAND THAPAR & BROS. (J & K) L TO.

47 KARAMCHAND THAPER & BROS.(COAL SALES)

48 KERALA ELECTRIC LAMP WORKS L TO

49 KERSONS MANUFACTURING CO. OF INDIA L TO.

50 KREBS & CIE (INDIA) L TO.

51 MALWA SUGAR MILLS CO. L TO.

52 MODERN AGENCIES L TO.

53 NEW SA VAN SUGARS & GUR REFINING CO. L TO.

54 NEW VICTORIA MILLS CO. L TO.

55 NILKASH INVESTMENTS & HOLDINGS LTD.

56 NORTHERN DIGITAL EXCHANGE LTD

57 ORIENT ENGG. & COMMERCIAL CO. L TO.

58 ORIENTAL COAL CO L TO

59 PAVANA INVESTMENT L TO

60 POLY INVESTMENTS L TO.

61 PUNJAB BUSINESS & SUPPLY CO. L TO.

62 PUNJAB POWER GENERATION MACHINES L TO

63 RAJPATH INVESTMENT LTD.

64 RATENDON INVESTME;NTS & HOLDINGS LTD.

65 RUSTON & HORNSBY (INDIA) L TO

66 SHELLAC INDUSTRIES L TO.

67 SHREE SITARAM SUGAR CO. LTD.

68 STANDARD REFINERY & DISTILLERY LTD.

69 TENTULIA KHAS COLLIERIES L TO.

70 THAPAR CONSULTANTS & SERVICES LTD.

71 THAPAR DUPONT L TO.

72 THAPAR INTERNATIONAL LTD.

· ~·" 73 THAPAR WATERBASE L TO.

7 4 TOSCANA SHOES L TO.

75 UNITED COLLIERIES L TO

THERMAX (AGA)

1 THERMAX BABCOCK & WILCOX L TO

2 THERMAX DEVICIBLES PVT. L TO.

3 THERMAX L TO

4 THERMAX MICROCOM PVT. L TO.

5 THERMAX(INDIA) PVT. L TO.

THIAGARAJA

1 ALAGAPPA TEXTILES (COCHIN) L TO.

2 EAST INDIA CORPN. L TO

3 ELCCOT NEW ERA TECHNOLOGIES L TO

4 KARUMUTTU CONSUL TANCIES L TO.

5 KARUMUTTU FARMS L TO.

6 KARUMUTTU PVT. L TO.

7 KERALA LAKSHMI MILLS L TO.

8 LOYAL CREDIT & INVESTMENTS LTD.

9 LOYAL INDUSTRIAL GEARS L TO.

10 LOYAL MACHINE WORKS L TO

11 LOYAL SUPER FABRICS L TO.

12 LOYAL SUPER REMEDIES LTD.

13 LOYAL TEXTILES MILLS L TO

14 MADURA SUGARS LTD.

15 MANIKAVASAGAM PVT. LTD.

16 MARAKATHAVALLI PVT. LTD.

17 P ORR & SONS LTD.

18 PACHANAYAKI LTD.

19 PADMANABHA PVT. L TO.

20 PARAMOUNT TEXTILE MILLS L TO.

21 PARVATHI MILLS LTD.

22 RUKMANI CARBIDES PVT. L TO.

23 RUKMANI MILLS L TO.

24 RUKMINI CLOTH MANUFACTURING CO. PVT. L TO.

25 RUKMINI COMPANY PVT. L TO.

26 RUKMINI COTTON SPG. MILLS L TO.

27 RUKMINI ELECTRONICS PVT. L TO.

28 RUKMINI FABRICS L TO.

29 RUKMINIINDUSTRIAL YARNS PVT. L TO.

30 RUKMINI INVESTMENTS PVT. L TO.

31 RUKMINI PAPER PRODUCTS PVT. LTD.

32 RUKMINI SEWING THREAD CO. PVT. L TO.

33 RUKMINI WVG. INDUSTRIES PVT. L TO.

34 SIVAKAMI CO. PVT. L TO.

35 SIVAKAMI SUGARS L TO.

36 SREE RAJENDRA MILLS L TO.

37 SREE SIVAKAMI COMPUTER SERVICES PVT. L TO.

38 SREE SIVAKAMI MILLS L TO.

39 SRI SARADA MILLS L TO.

40 SUNDARAM & CO. L TO.

41 TAMARAI MILLS LTD.(EARLIER CIMBATORE KAMALA)

42 TAMIL NADU

43 THIAGARAJA CHETTY & CO. PVT. L TO.

44 THIAGARAJA CHETTY-"s;-SONS PVT. L TO.

45 THIAGARAJA MILLS L TO

46 THIAGARAJAR LEASING PVT. L TO.

47 THIAGARAJAR RUBBERS L TO.

48 VANJINAD INDUSTRIES L TO.

49 VIJAYAMOHINI MILLS LTD.

50 VIRUDHUNAGAR TEXTILE MILLS L TO.

TRIVENI (SAWHNEY)

1 CARVANSERAI L TO

2 DEOBAND CHIN I MILLS L TO.

3 ENGINEERING & TECHNICAL SERVICES L TO.

4 GANGESHWAR L TO

412

5 MAHALAKSHMI SUGAR MILLS CO LTD

6 RBL TIRATH RAM SHAH(INDIA) LTD.

7 TRIVENI ENGINEERING WORKS LTD

8 TRIVENI NL LTD.

9 TRIVENI PLENTY ENGINEERING LTD.

10 TRIVENIPOOL INTAIRDRILL LTD. . .

11 UNITED SHIPPERS & DREDGERS LTD.

0 TTK

1 ADAYAR GATE HOTEL LTD

2 L D SEYMOUR & CO.(INDIA) LTD.

3 LONDON RUBBER CO (INDIA) LTD

4 LOR COM (PROTECTIVES) LTD

5 NEW WAY CHEMICALS & POLISHERS PVT. LTD.

6 PENINSULA POLYMERS LTD

7 T.T.K.O. LTD.

8 TITAN PAPER TUBES CO. PVT. LTD.

9 TT CARDS BOARDS & PAPER MILLS LTD

10 TT CHEMICALS PVT. LTD.

11 TT INDUSTRIES & TEXTILES LTD

12 TT INVESTMENTS & TRADERS PVT. LTD.

13 TT KITCHENWARES PVT. LTD.

14 TT LIMITED

15 TT MAPS & PUBLICATIONS LTD.

16 TTK PHARMA LTD

TVS IYENGAR

1 ANUSHA INVESTMENT LTD.

2 AXLES INDIA LTD

3 BRAKES INDIA LTD

4 CAPRICORN SYSTEMS P LTD.

5 FIDELITY FINANCE

6 FIDELITY PHARMA PVT. L TO.

7 HARITA AGRO PRODUCTS PVT. L TO.

8 HARITA BALAJI PVT. LTD.

9 HARITA BHARANI PVT. L TO.

10 HARITA CHEEMA PVT. LTD.

11 HARITA CREDIT L TO

12 HARITA ELASTOMERS PVT. LTD.

13 HARITA ENGINEERS PVT. L TO.

14 HARITA FARMS PVT. LTD.

15 HARITA FINANCE & SECURITIES PVT. LTD.

16 HARITA GOPAL PVT. LTD.

17 HARITA KADAGA PVT. LTD. •

18 HARITA LOCKS PVT. LTD.

19 HARITA MALIN! PVT. LTD.

20 HARITA MITHUNA PVT. L TO.

21 HARITA MOULDERS PVT. LTD.

22 HARITA POLYMER & ALLIED PRODUCTS PVT. L TO.

23 HARITA PREMA PVT. L TO.

24 HARITA RISHBHA PVT. L TO

25 HARITA RUBBER INDUSTRY PVT. L TO.

26 HARITA RUBBER PRODUCTS PVT. LTD.

27 HARITA SECURITIES PVT. L TO.

28 HARITA SREENIVASAN PVT. L TO.

29 HARITA VENU PVT. LTD.

30 HASTAM INVESTMENTS LTD.

31 INDIA EQUIPMENT LEASING LTD

32 INDIA MOTOR PARTS & ACCESSORIES LTD

33 INDIA NIPPON ELECTRICALS LTD

34 LAKSHMI AUTO COMPONENTS PVT LTD

35 LAKSHMI GENERAL FINANCE L TO

36 LAKSHMI MOTOR CREDIT LTD

37 LUCAS ELECTRICAL TRACTOR SERVICES LTD.

38 LUCAS INDIAN SERVICE L TO

39 LUCAS TVS LTD

40 MADANPALLE SPINNING MILLS LTD

41 MADURA! MENAL FINANCE LTD.

42 PARAMAJYOTHI FINANCE CO. PVT. LTD.

43 PASADENA TECHNOLOGY (INDIA) L TO.

44 PUNARVASU INVESTMENTS LTD.

45 SANSAR MACHINES LTD.

46 SHRICHAKRA TYRES LTD

47 SOUTHERN ROADWAYS LTD

48 SRAVISHTA INVESTMENTS LTD.

49 SUN POLYMERS LTD.

50 SUNDARAM ABEX LTD

51 SUNDARAM APPLIANCES REFRIGERATORS PVT. LTD.

52 SUNDARAM CLAYTON LTD

53 SUNDARAM FASTNERS LTD

54 SUNDARAM FINANCE LTD

55 SUNDARAM INDUSTRIES LTD

56 SUNDARAM TEXTILES L TO.

57 SUNDHARAMS PVT. LTD.

58 TORSION PRODUCTS LTD

59 TRANS ENERGY PVT. LTD.

60 TRICHY STEEL ROLLING MILLS L TO

61 TURBO ENERGY LTD.

62 TV SUNDARAM IYENGER & SONS L TO

63 TVS CHEMICALS L TO.

64 TVS DU PONT L TO.

65 TVS ELECTRONICS LTD

66 TVS POWER PVT. L TO.

67 TVS SEWING NEEDLES LTD.

68 TVS WHIRLPOOL PVT. LTD.

69 TVS-SUZKI L TO

70 ULTRA BUSINESS MACHINES LTD.

71 UNION HOME PRODUCTS LTD.

72 WHEELS INDIA L TO

UDAYAR N. RAMASWAMY

1 ART OS BREWERIES LTD.

2 BINNY LTD

3 CENTURY FLOUR MILLS LTD.

4 MADRAS VANASPATHI L TO

5 MIRA PAPERS PVT. LTD.

6 MOHAN BREWERIES & DISTILLERIES LTD ..

7 SALEM FABRICS L TO.

8 SALEM TEXTILES & INDUSTRIES LTD.

413

9 SALEM TEXTILES LTD

10 TAMIL NADU CHEMICAL PRODUCTS LTD.

11 THIRUMANGAL MILLS LTD

12 VORION CHEMICALS & DISTILLERIES LTD

UNITECH

1 BHA EXPORTS PVT LTD

2 UNITECH INDUSTRIES LTD.

3 UNITECH LTD

4 UNITECH MACHINE LTD

5 UNITECH METALS LTD

UNITED (RAJ KUMAR GUPTA)

1 COLUMBIA ELECTRONICS LTD

2 M.P BISARYA HEALTH SERVICES LTD

3 M.P CARE & MEDICURE LTD

4 M.P CENTRAL INSTITUTE OF DIAGNOSTICS LTD

5 M.P HEALTH CURE LTD

6 M.P MEDICARE DIAGNOSTICS LTD

7 M P UNI MAGNA-TECH LTD

8 MADHYA PRADESH UNITED POL YPROPL YENE LTD

9 UNISCANS & SO NICS LTD

10 UNITED CROWNS & CRYSTALS LTD.

11 UNITED DIAGNOSTIC INTERNATIONAL LTD

12 UNITED DIAMONDS LTD

13 UNITED ELECTRONICS (INDIA) LTD.

14 UNITED HEALTH CARE LTD.

15 UNITED SOYA PRODUCTS L TO.

16 UNITED WATCH CASES LTD.

414

UNITED BREWERIES

1 AIR CONTROLS & CHEMICAL ENGG. COL TD

2 BEACON KONE LTD.

3 BEACON NEYRPIC P L TO.

4 BEACON ROTORK CONTROLS LTD.

5 BEACON TILE MAN P LTD.

6 BEACON WEIR LTD.

7 BEE PEE COATINGS LTD.

8 BERGER PAINTS INDIA LTD

9 BEST & CROMPTION ENGG. LTD

10 BLUE MOUNTAIN FOOD PRODUCTS LTD.

11 BOMBAY BREWERIES LTD.

12 BUSH BOAKE ALLEN (INDIA) LTD

13 CARD BOARD INDUSTRIES LTD.

14 CAREW & CO. LTD

15 CONSOLIDATED INVESTMENTS LTD.

16 DARLCO CANNINGS LTD.

17 DEVIINVESTMENT PVT. LTD.

18 EAST COAST INVESTMENTS LTD.

19 ENDEAVOUR INVESTMENTS LTD.

20 ENTERPRISE INVESTMENTS LTD.

21 GENERATORS INDIA LTD.

22 GOLDEN INVESTMENTS LTD.

23 GUJARATWIND FARMS LTD.

24 HERBERTSONS LTD

25 HEXTIND EXPORTS PVT. LTD.

26 HIGH RANGE BREWERIES LTD.

27 HOECHST EXPORTS PVT. LTD.

28 HOECHST INDIA LTD

29 INTEG SYSTEMS PVT. LTD.

30 KALYANI BREWERIES LTD.

31 KESARVAL BEVERAGES LTD.

32 KISSAN PRODUCTS LTD.

33 KONE ELEVATOR INDIA LTD

34 KREST DEVELOPMENT & LEASING LTD

35 MAL TEX MALSTERS LTD.

36 MAN GALORE CHEMICALS & FERTILIZERS LTD

37 MASONEILAN (I) LTD

38 MG. DOWELL & COL TD

39 MERRYWEATHER FOOD PRODUCTS LTD.

40 MWP LTD.

41 MYSORE WINE PRODUCTS LTD.

42 NALANDA BREWERIES LTD.

43 NEKTAR FRUIT PRODUCTS LTD.

44 PHIPSON & CO. LTD.

45 PREMIER BREWERIES LTD

46 PUNJAB BREWERIES LTD

47 PURE BEVERAGES LTD.

48 PYRAPURE CHEMICALS PVT LTD

49 RAINBOW INVESTMENT PVT." LTD.

50 REICHHOLD CHEMICALS (INDIA) LTD.

51 ROUSSEL INDIA LTD

52 SONA DISTILLERIES LTD.

53 THREE C. SYSTEMS LTD.

54 TIME COMPUTORS (INDIA) LTD.

55 U.B LTD

56 UB HOPPECKE ENERGY PRODUCTS LTD.

57 UB MEC. BATTERIES LTD . . 58 U.B PETROCHEMICALS LTD.

59 UB PETRO PRODUCTS LTD.

60 UB PICKER LTD.

61 US-PUNJAB DISTILLERIES LTD.

62 UNITED VANDER HORST LTD.

63 UNITEL COMMUNICATIONS LTD.

64 VITTAL INVESTMENTS LTD.

65 WESTERN INDIA ENTERPRISES LTD

66 WIE ESTATE DEVELOPMENT PVT. LTD.

USHA

1 BURR BROWN ADVERTISING PVT. LTD.

2 BURR BROWN (INDIA) PVT. LTD.

3 FIZZ DRINKS LTD

4 GORDON HERBERT (INDIA) PVT. LTD.

5 MALVIKA STEEL PRODUCTS LTD.

6 MALVIKA TEXTILE MILLS LTD.

7 PASSIVE COMPONENTS PVT. LTD.

8 RAI COATED STEELS PVT. LTD.

9 RAIINTERNATIONAL PVT. LTD.

10 RAI LEASING CO. LTD.

11 RAM KRISHAN KULWANT RAI AGENCIES LTD.

12 RAM KRISHAN KULWANT RAI ENTERPRISES LTD.

13 RAM KRISHAN KULWANT RAI INDUSTRIES LTD.

14 USHAAMORPHOUS METALS LTD.

15 USHA COMPUTERS & PERIPHERALS LTD

16 USHA DIDAK LTD.

17 USHA DRAEGER PVT. LTD.

18 USHA FLOUR & GENERAL MILLS LTD.

19 USHA FORGING & STAMPING LTD.

20 USHA GENERAL FOOD LTD.

21 USHA I SPAT LTD

22 USHA MARKETING PVT LTD

23 USHA MICROPROCESS CONTROL LTD

24 USHA PLESSEY NETWORKS PVT. LTD.

25 USHA RECTIFIER CORPON INDIA LTD

26 USHA SERVICES & CONSULTANTS LTD.

27 USHA TELECOM LTD.

28 USHA TELEVISION LTD.

29 USHA VIDEO SYSTEMS LTD.

USHA MARTIN

1 BASANT HOLDINGS PVT. LTD.

2 BBR INDIA LTD.

3 BENGAL ENGG & AUTO LTD.

4 BHATA PLAST INDUSTRIES LTD.

5 BRIJ INVESTMENTS LTD.

6 JHAWAR & CO.

7 JHAWAR INVESTMENTS

415

8 P K ESTATES L TO.

9 PIYUSH L TO.

10 PRAJEEV INVESTMENTS LTD.

11 PRAJEEV STEEL UDYOG & SERVICES L TO.

12 PRASHANT INVESTMENTS L TO.

13 R B AGENCIES L TO.

14 R K COMMERCIAL L TO.

15 RELIABLE HAULERS & SHIPPERS PVT. LTD.

16 SHAUMAVANIJYA PRATISTHAN LTD.

17 SHREE ARCHANA DETERGENT & CHEMICAL PVT. L TO.

18 TECHNO FINANCE & LEASING CO.

19 U M B MARKETING & SERVICES

20 UMA VYAPARIK PRATISTHAN

21 USHAATLAS HYDRAULIC EQUIPMENT LTD.

22 USHA AUTOMOBILE & ENGINEERING L TO.

23 USHA AUTOSPRING SEAT PVT. LTD.

24 USHA BEL TRON L TO.

25 USHA BRECO L TO.

26 USHA COMMERCIAL PVT. L TO.

27 USHA HYDRAULICS L TO.

28 USHA INDUSTRIAL SERVICES L TO.

29 USHA ISMAL L TO.

30 USHA LUBES PVT. L TO

31 USHA MARTIN INDUSTRIES L TO

32 USHA POWER ENGINEERS PVT. L TO.

33 USHA TELEHOIST L TO

34 VAN DANA INVESTMENTS L TO.

35 WORTH INVESTMENTS & TRADING

V. RAMAKRISHNA

1 ARKONAM CASTINGS & FORGINGS L TO.

2 BAJRANGBALI IRON & STEEL CO. L TO.

3 ElM CO KCP L TO.

4 FULLER KCP L TO

5 G RAMASWAMY NAIDU & CO.

6 JAVA LAKSHMI MILLS PVT. LTD.

7 JEYPORE SUGAR CO L TO

8 K.C.P. LTD

9 KAMLA SUGAR MILLS L TO.

10 KRISHNA INDUSTRIAL CORPN. L TO.

11 MADRAS ALUMINIUM CO L TO

12 R S INDUSTRIAL CORPORATION PVT. LTD.

13 RADHA KRISHNA MILLS LTD.

14 RAMAKRISHNA INDUSTRIES PVT. LTD.

15 RAMAKRISHNA MACHINERY CORPN. PVT. L TO.

16 SAE (INDIA) LTD

17 SRI RAMAKRISHNA OXYGEN L TO.

18 SRI RAMAKRISHNA STEEL INDUSTRIES L TO

19 V R TEXTILES PVT. LTD.

20 V RAMAKRISHNA SONS L TO.

VIDEOCON (DHOOT)

1 TOSHIBA VIDEOCON VCR L TO.

2 VIDECON INTERNATIONAL L TO

3 VIDEOCON APPLIANCES L TO

4 VIDEOCON SERVICES L TO.

VISSANJI

1 ALSALES L TO.

2 B MD AGENCY LTD.

3 BOMBAY CO. PVT. LTD.

4 INDIAN PLYWOOD MANUFACTURING CO L TO

5 PERMALI WALLACE L TO

6 VERTEX MANUFACTURING CO. L TO.

7 VISSANJI ESTATES PVT. LTD.

8 VISSANJI KHIMJI & CO. PVT. L TO.

9 VISSANJI SONS & CO. PVT. L TO.

10 WALLACE FLOUR MILLS COL TO

11 WALLACE FOOD PRODUCTS L TO

V.S. DEMPO

1 DEMPO BROTHERS PVT. L TO.

2 DEMPO DAIRY INDUSTRIES LTD

3 DEMPO ENGG. WORKS (P) L TO.

4 DEMPO INDUSTRIAL INVESTMENT TRUST LTD.

5 DEMPO MARKETING COMPANY LTD.

6 DEMPO MERCANTILE LTD.

7 DEMPO MINING CORPN L TO

8 DEMPO PROPERTIES & INVESTMENT PVT. LTD.

9 DEMPO SONS PVT. LTD.

10 DEMPO TRAVELS PRIVATE LTD.

11 GOA CARBON LTD

12 HINDUSTAN FOODS LTD

13 MARMAGAO SHIPPING & STEVEDORING CO. (P) LTD.

14 NATIONAL AUTO ACCESSORIES LTD

15 NAV HIND PAPERS & PUBLICATIONS (P) LTD.

16 SIRIDAO ESTATE PVT. LTD.

17 V S DEMPO & CO LTD

18 WEST COAST HOTELS LTD.

19 ZUARI REAL ESTATE CO. PVT. LTD.

WALCHAND

1 ACROW INDIA LTD

2 AERO AUTO LTD.

3 BHARAT RADIATORS PVT. LTD.

4 BOMBAY CYCLE & MOTOR AGENCY LTD.

5 GANGA CONSTRUCTION CO. LTD.

6 HINDUSTAN CONSTRUCTION COL TO

7 INDIAN HUME PIPE CO LTD

8 KORULA RUBBER CO. PVT. LTD.

9 PAL HIRE PURCHASE LTD

10 PREMIER AUTO ELECTRIC L TO.

11 PREMIER AUTOMOBILES L TO

12 PREMIER CONSTRUCTION COL TD

13 RAVALGAON SUGAR FARM LTD

14 SHARE INVESTMENT TRUST PVT. L TO.

15 VIKHROLI METAL FABRICATIONS LTD.

16 VI NOD SHASHANK CHAKOR PVT. LTD.

17 WALCHAND & CO. PVT. LTD.

18 WALCHAND TANDUR CEMENT L TO.

416

19 WALCHANDNAGAR INDUSTRIES LTD

WESTON

1 WESTON COMPONENTS L TO

2 WESTON ELECTRON TUBES LTD.

3 WESTON ELECTRONIKS L TO

WI PRO

1 INLEC INVESTMENT L TO.

2 WI PRO BECKMAN PVT. L TO.

3 WI PRO CIMTECH L TO.

4 WIPRO EMPLOYEES WELFARE ASSOCIATION

5 WI PRO GE MEDICAL SYSTEMS PVT. L TO.

6 WIPRO INFORMATION TECHNOLOGY LTD

7 WI PRO INSTRUMENTATION L TO.

8 WI PRO INVESTMENT PVT. L TO.

9 WIPROLTD

10 WI PRO SYSTEMS L TO

WYETH (AMERICAN HOME PRODUCTS)

1 GEOFREY MANNERS AND CO L TO

2 JOHN WYETH (INDIA) L TO.

3 WYETH LABORATORIES LTD

4 WYETH(INDIA)PVT. L TO.

417

APPENDICES TO CHAPTERS 5 & 6

A.V.l. Glossary of Some Basic Terms

Fibres and Yarns - Fiber is the basic entity, either natural or manufactured, from which yams are formed. Yams are continuous threads or strands of textile fibres

. created when a cluster of individual fibres is twisted together. These long yams are used to create fabrics.

Man-made fibres - Man-made fibres are of two types:

Cellulosic - produced from raw materials from trees or plants that make cellulose. Rayon is the major cellulosic. Rayon is derived from primarily from wood pulp, and also from cotton linters, or other vegetable matter. Various names for rayon fibres are taken from different manufacturing processes. The two most commonly used production methods for rayon are the cuprammonium process and the viscose process, the latter being the more prominent.

Synthetic - produced from chemicals made from refined petroleum or natural gas. The main synthetic fibres are polyester, nylon (polyamide), and acrylic.

Filaments and Staple Fibres - Most synthetic and cellulosic fibres are created by "extrusion" forcing a thick, viscous liquid through the tiny holes of a device called a spinneret. The spinneret is similar, in principle, to a bathroom showerhead. The fibres so formed of indefinite length (continuous) are called filaments. Staple Fibres are short fibres, typically ranging from 1/2 inch up to 18 inches long. Wool, cotton, and flax exist only as staple fibres. Man-made staple fibres are cut to a specific length from the continuous filament fiber.

Filament yarns and Spun yarns - Filament yarns are produced by combining and twisting together one or more continuous filaments of man-made fibres. Spun Yam is made by taking a group of short staple fibres, and then twisting these short staple fibres together to form a single continuous yarn (spinning). Blended yams are formed by spinning together a combination of different staple fibres.

Woven, knitted and non-woven fabrics - These are fabrics produced by different methods from yarns.

Woven fabrics are composed of two sets of yams. One set of yams, the warp, runs along the length of the fabric. The other set of yams, the fill or weft, is perpendicular to the warp. Woven fabrics are held together by weaving the warp and the fill yams over and under each other.

Knit Fabrics are made from only one set of yams, all running in the same direction. Some knits have their yams running along the length of the fabric (warp knit), while others have their yams running across the width of the fabric (weft knits). Warp knitting can only be done by machines while weft knitting can also be done by hand. Knit fabrics are held together by looping the yams around each other.

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Nonwoven fabrics are made directly from individual fibres that are matted together by forming an interlocking web of fibres either mechanically (tangling together) or chemically (gluing, bonding, or melting together).

Grey and Finished Fabrics - Grey fabrics (grey goods or greige goods) are unfinished fabrics, just remov~d from a knitting machine or a loom. Finished Fabrics are fabrics that have gone through all the necessary finishing processes, mechanical or chemical, and are ready to be used in the manufacturing of garments.

Texturising - A process of geometrically modifying or otherwise altering continuous synthetic filament yams to change their basic characteristics. This gives these yarns crimps, loops, coils and crinkles - adding bulk and/or stretch to these yams which enable them to more closely resemble natural fibres. Texturising methods can be mechanical (false-twist, draw-texturising, crimping, knit de-knit, air-bulked, etc.) or Chemical (producer textured). Mechanical methods are usually based on the fact that the basic substance of synthetic fibres are thermoplastics, i.e., they can be melted or softened without change in their chemical characteristics. The temperatures at which these can be done are much higher than normal temperatures so that any alteration in shape done at such high temperature (heat setting) would become permanent on the solidification of the substance as long as the temperatures it is exposed to does not exceed the normal temperatures.

Denier (or D) - A system of measuring the weight of a continuous filament fiber. Numerically, a denier is the equivalent to the weight in grams of 9,000 meters of continuous filament fiber. The lower the denier number, the finer the fiber; the higher the number, the heavier the fiber. Filament yams also have a denier number based on the same principle. Filament yams are used in widely varying deniers and combinations of filaments·- along with the denier number, the number of filaments is also indicated- e.g. I 00/36 would be I 00 denier yam consisting of 36 filaments.

Petrochemicals - Bulk organic chemicals which are primarily derived from crude oil and natural gas. There are four major categories of petrochemicals - plastics (high and low density polyethylene or HDPE and LDPE, polyvinyl chloride or PVC, polystyrene, polypropylene), synthetic fibres, synthetic rubbers or elastomers, synthetic organic chemicals used in the manufacture of the preceding three petrochemicals and several other products like dye-stuffs, pesticides, synthetic detergents, pharmaceuticals, etc.

The vast majority of petrochemicals are manufactured from relatively few base chemicals - the lower olefins (mainly ethylene, propylene, butadiene, and butylene) and the aromatics (mainly benzene, toluene, and xylenes). These are monomers ("single parts" which are chemicals of low molecular weight) and are obtained by the cracking, of naptha .and gas oil obtained as a result of distillation of crude oil or of natural gas liquids. The cracking process, which involves the reduction of the size of the molecules of the feedstock, is the cornerstone of petrochemical manufacture.

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A. V.2 The Manufacturing Process of Polyester Textile Fibres

While the manufacture of polyester fibres has involved changing and firm specific know-how's, the basic process ·has always been common. The production cycle essentially consists of two parts - a chemical and a mechanical one. The sequence of production from the origins in petroleum is shown in the following figure.

PETROLEUM

PARAXYLENE ETHYLENE

PURIFIED TEREPTHALIC MONO ETHYLENE ACID (PT A)/DIMETHYL GLYCOL TEREPTHALA TE (DMT)

,, POLYMERIZATION

~ POLYETHYLENE TEREPTHALA TE ( PET)

MELT SPINNING

~ DRAWING

~ CRIMPING

~ CUTTING

~ POLYESTER STAPLE

FIBRE

4------L----'------.. ~ MELT SPINNING

~ WINDING

~ DRAWING

POLYESTER

FILAMENT YARN

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The raw materials - Along with Mono Ethylene Glycol, the other raw material used can be either PTA or DMT. Both result in polyester with the same quality. Polyester was originally developed by combining terepthalic acid with ethylene glycol. But the original existing method of producing terepthalic acid from paraxylene (nitric acid oxidation) resulted in impurities that were difficult to eliminate. Therefore, relatively pure DMT was separated from by reacting the acid with methanol- and methanol was therefore a by-product of using DMT in the manufacture of polyester.

Till 1965, virtually the entire production of polyester in the world was based on the use of DMT. With the development of the technology for direct oxidation of paraxylene to produce terepthalic acid and that for purifying it, in the mid sixties, PTA rapidly started replacing DMT on account of the fact that though their prices were similar, PTA use resulted in a higher polyester output per unit of raw material. Normally a conversion factor of 1.17 is used to compare quantities of PTA and DMT on a common scale. Between 1970 and 1980, the share of PTA in world plant capacity for polyester raw materials increased from 15% to 45%.

Polymerisation - The basic substance of polyester fibres is a polymer. Polymers are substances made of "many parts". In most cases the parts are small molecules (monomers)which react together and the joining together of many monomers creates material of high molecular weight. The basic chemical process for creation of synthetic polymers is called polymerisation. There are two such basic chemical processes ( 1) condensation, or step-growth polymerization, and (2) addition, or chain­growth polymerization. The former is used for the manufacture of polyester. In step­growth polymerization, or polycondensation, monomers with two reactive ends join to form dimers (two "parts" joined together), then "trimers" (three "parts"), and so on. However, since each of the newly formed oligomers (short chains containing only a few parts) also has two reactive ends, they can join together; so a dimer and a trimer would form a pentamer (five repeating "parts"). These are called condensation reactions between molecules of different degree's of polymerisation. In this way the chains may quickly achieve great length large size and ultimately result in the polymer.

There are many different commercial versions of polyester in a wide variety of applications, including plastics, coatings, films, paints, and countless other products. The polymer usually used for textile fibres is polyethylene terephthalate, or PET, which is formed by reacting either of the above mentioned two combinations of raw materials. Such a reaction, between an ester (DMT/PTA) and an alcohol (MEG), is called transesterification or esterification. This reaction produces the basic molecule (or small part) which, at a high temperature, sets off the process of polycondensation. Antimony oxide is usually added as a catalyst, and high vacuum is used to remove the water or methanol byproducts. High temperature (>250 degrees C) is necessary to· provide the energy for the reaction, and if necessary to keep the resultant polymer in a molten state.

Small granules or pellets of the polymer, in solid form, are called polyester chips.

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In a batch manufacturing process, . the transesterification and polycondensation processes are carried out in separate vessels and the monomer is transferred from one to another while in a continuous process they are done in the same vessel. The batch process is supposed to be more flexible and therefore suitable for smaller plants while continuous process is favoured for larger plants because of it economising on costs of intermediary stages. It also enables the separation of the chemical part of the process from the subsequent mechanical part, thereby allowing polyester chips to be used as a raw material without manufacturing it, i.e. the capacities of the two stages to be different.

Spinning (different from the textile operation of the same name) - The process of extrusion through a spinneret and solidification of endless filaments is called spinning. There are four methods of spinning filaments of man-made fibres: wet, dry, melt, and gel spinning, each involving different methods of converting the basic fibre substance into liquid form. Since the polyester polymer can be melted at feasibly high temperatures, but is a solid at normal temperatures, the melt spinning technique is used in its production. In melt spinning, the fiber-forming substance (the polymer) is melted for extrusion through the spinneret and then directly solidified by cooling. As the filaments emerge from the holes in the spinneret, the liquid polymer is converted first to a rubbery state and then solidified.

In the chip or primary spinning method, the polyester chips are melted in an extruder and pushed through the spinneret. In direct melt spinning, the polymer, when formed in molten form is directly used for spinning. The direct spinning method is more economical because of the elimination of the interim processes but only when frequent changes in the denier of filament produced is not required (as in the case of staple fibre or tyre cord). But the primary spinning method allows greater flexibility with regard to choice of denier and is therefore often more suitable for the manufacture ofPFY.

Stretching and Orientation - After the spinning process, the filaments are taken up on winding tubes. The filaments are then drawn, or stretched, under heated conditions to impart strength. Drawing pulls the molecular chains together and orients them along the fiber axis, creating a considerably stronger yam.

Filaments are then twisted together to form PFY. For PSF, the filaments are crimped and then cut into short staples.

[Sources: Wingate (1976), Spitz ( 1988), Royal Dutch Shell (1983) Petroleum Handbook, Khanna (1984) and petrochemical industry websites]

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